How much can you deposit in an HSA in 2018?

If you have a Health Savings Account (HSA), you may be wondering how much you can contribute to it in 2018. The good news is that the IRS sets limits on the maximum amount you can deposit into your HSA each year, allowing you to save for medical expenses while enjoying tax benefits.

For the year 2018, the contribution limits for an HSA are:

• Individual coverage: $3,450
• Family coverage: $6,900

However, if you are 55 or older, you are eligible to make an additional catch-up contribution of $1,000 per year. This means that individuals aged 55 and above can contribute up to $4,450 for individual coverage and $7,900 for family coverage in 2018.

It's important to note that these limits are set by the IRS and may be subject to change in future years. By contributing the maximum allowed amount to your HSA, you can take advantage of tax benefits and save for future medical expenses.

If you have a Health Savings Account (HSA), it's essential to know how much you can contribute to it each year. In 2018, the IRS established specific limits that allow you to save effectively for medical costs while reaping significant tax benefits. By understanding these limits, you can maximize your savings.

For the year 2018, the HSA contribution limits are:

• For individual coverage: $3,450
• For family coverage: $6,900

Additionally, those aged 55 or older can increase their contribution with a catch-up amount of $1,000 annually. This means that individuals 55 and older can contribute up to $4,450 for individual plans and $7,900 for family plans in 2018, providing a vital opportunity to enhance your savings as you approach retirement.

With the rising costs of healthcare, contributing to your HSA not only helps you manage immediate medical expenses but also builds a financial cushion for future needs. Always remember to check the IRS guidelines each year, as these limits can change, allowing you to adjust your contributions accordingly.