How Much Can I Put Towards HSA for 2018?

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2018 HSA contribution limits by coverage

If you're considering utilizing a Health Savings Account (HSA) in 2018, you might be wondering how much you can contribute towards it. The good news is that there are specific limits set by the IRS that determine the maximum amount you can put into your HSA each year.

For the 2018 tax year, individuals with self-only coverage can contribute up to $3,450, while those with family coverage can contribute up to $6,900. If you are 55 or older, you are eligible to make an additional catch-up contribution of $1,000. These contributions are tax-deductible and can be used to pay for qualified medical expenses both now and in the future.

It's important to note that these contribution limits are for the entire year, so if you are enrolled in an HSA-eligible health plan for only part of the year, your contribution limit will be prorated based on the number of months you were eligible.

IRS guidance for 2018 contributions

If you're planning to use a Health Savings Account (HSA) in 2018, understanding the contribution limits is crucial for maximizing your savings. The IRS has set specific guidelines for how much you can contribute to your HSA.

For individuals enrolled in self-only coverage, the maximum contribution for the 2018 tax year is capped at $3,450. Those with family coverage have a higher limit of $6,900. Plus, if you're 55 or older, you can take advantage of an additional catch-up contribution of $1,000, enhancing your savings potential.

Tax-deductible HSA contributions and uses

Remember, contributions to your HSA are tax-deductible, which means you can reduce your taxable income while simultaneously saving for future qualifying medical expenses.