How Much Can You Contribute to HSA in 2018?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while reducing your taxable income. In 2018, the contribution limits for HSA accounts are set by the IRS.

For individuals with self-only coverage, the maximum contribution limit for 2018 is $3,450. If you have family coverage, you can contribute up to $6,900. However, if you are 55 or older, you are eligible for an additional catch-up contribution of $1,000.

It's important to note that these contribution limits are subject to change, so it's always a good idea to check with the IRS or your HSA provider for the most up-to-date information.

Health Savings Accounts (HSAs) are an excellent tool for individuals looking to save for future medical expenses while also lowering their taxable income. For the 2018 tax year, the IRS has established specific contribution limits that you need to be aware of.

If you are covered by a high-deductible health plan and are an individual, you can set aside up to $3,450 in your HSA in 2018. For families, this limit increases to $6,900. It's also beneficial to know that if you are aged 55 or older, you can take advantage of an additional catch-up contribution of $1,000, allowing you to save even more for those unexpected healthcare costs.

These limits may be annually adjusted, so keeping an eye on the IRS guidelines is crucial for maximizing your contributions and benefits.