How Much Can You Deposit in Your HSA Account in 2018?

Health Savings Accounts (HSAs) have become an increasingly popular option for individuals looking to save for medical expenses while enjoying tax benefits. If you have an HSA account in 2018, you may be wondering how much you can deposit into it. The maximum contribution limits for 2018 are set by the IRS and are based on whether you have self-only or family coverage.

For individuals with self-only coverage, the maximum contribution limit in 2018 is $3,450. This means that if you have a single HSA account, you can deposit up to $3,450 into it throughout the year.

On the other hand, if you have family coverage through your HSA account, the maximum contribution limit for 2018 is $6,900. This higher limit allows families to save more money for medical expenses while still enjoying the tax advantages that HSAs offer.

It's important to note that these limits are for the entire year, so if you contribute the maximum amount early in the year, you won't be able to deposit any additional funds until the following year. Additionally, individuals aged 55 and older can make an additional catch-up contribution of $1,000 to their HSA account.

Health Savings Accounts (HSAs) have gained traction among those looking to boost their savings for medical expenses, and the tax benefits are just the cherry on top. In 2018, if you're planning to make contributions, it's essential to understand the limits set by the IRS. For those with self-only health coverage, you can contribute up to $3,450. This amount is designed to help fund your healthcare needs effectively throughout the year.