How Much Can Someone Contribute to an HSA for 2018? - HSA Awareness

Health Savings Accounts (HSAs) are a powerful tool for managing healthcare costs while saving for the future. One key aspect of HSAs is the contribution limit set by the IRS each year.

For 2018, individuals with self-only coverage can contribute up to $3,450 to their HSA, while those with family coverage can contribute up to $6,900. People aged 55 and older can make an additional $1,000 catch-up contribution.

These contributions are tax-deductible, meaning you can reduce your taxable income by the amount you contribute to your HSA. This not only helps with current healthcare expenses but also allows you to save for medical costs in retirement.

It's important to note that these contribution limits are for the entire year, so if you open an HSA mid-year, your maximum contribution will be prorated based on the number of months you were eligible.

Furthermore, contributions can come from both you and your employer, providing a potential boost to your HSA savings. If you have multiple HSAs, the total contributions across all accounts must not exceed the annual limit.

By understanding the contribution limits and tax advantages of HSAs, you can make informed decisions about your healthcare finances and secure your future well-being.

Health Savings Accounts (HSAs) offer amazing benefits for anyone looking to manage their healthcare expenditures effectively, especially in the ever-changing landscape of medical costs. For the year 2018, the contribution limits are set at $3,450 for self-only coverage and $6,900 for family coverage. Plus, individuals aged 55 and older can contribute an additional $1,000.