How Much Can You Contribute to HSA in 2018?

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2018 HSA limits for self-only and family

Health Savings Accounts (HSAs) are a great way to save for medical expenses while also getting tax benefits. One common question that arises is how much you can contribute to your HSA in 2018. The contribution limits can change annually, so it's important to stay informed. In 2018, individuals with self-only coverage in an HSA-eligible High Deductible Health Plan (HDHP) can contribute up to $3,450, while those with family coverage can contribute up to $6,900.

When it comes to Health Savings Accounts (HSAs), understanding the contribution limits is vital. In 2018, if you were covered by an HSA-eligible High Deductible Health Plan (HDHP) with self-only coverage, you could contribute up to $3,450. For those with family coverage, the contribution limit soared to $6,900. Additionally, if you were aged 55 or older, you could take advantage of the catch-up contribution, allowing an extra $1,000 in savings.

How total contributions and catch-up work

It's important to note that these limits apply to the total contributions made to your HSA, including contributions from both you and your employer. If you are 55 or older, you can make an additional catch-up contribution of $1,000 per year.

Understanding the contribution limits for your HSA can help you maximize the benefits of this savings tool. By contributing the maximum allowed amount, you can take full advantage of the tax benefits and ensure you have funds available for any eligible medical expenses that may arise.