How Much Can You Contribute to a Single HSA in 2018?

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2018 self-only HSA contribution limit basics

If you have a Health Savings Account (HSA) in 2018, you may be wondering how much you can contribute to it, particularly if you have a single coverage plan. The contribution limits for an HSA are set by the IRS each year, and they can vary depending on your coverage type. For an individual with self-only coverage, the maximum amount you can contribute to an HSA in 2018 is $3,450.

Here are some key points to know about HSA contributions for single coverage in 2018:

Tax benefits and rules for contributions

• The contribution limit for individuals is $3,450.
• If you are 55 or older, you can make an additional catch-up contribution of $1,000.
• Contributions to your HSA are tax-deductible, reducing your taxable income.
• The funds in your HSA can be used to pay for qualified medical expenses tax-free.
• Any unused funds in your HSA roll over year after year.

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 financial advisor for the most up-to-date information. By maximizing your HSA contributions, you can take advantage of the tax benefits and save for future healthcare expenses.

Max contribution for self-only plan

In 2018, if you're a member of a Health Savings Account (HSA) with a self-only coverage plan, you have the opportunity to contribute a maximum of $3,450. This means you can actively save for your medical expenses while enjoying tax advantages!