How Much Can You Invest in a HSA in 2018?

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2018 HSA contribution limits overview

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. If you're considering opening an HSA for the year 2018, you may be wondering how much you can invest in it. Let's delve into the contribution limits for HSAs in 2018:

For the year 2018, the maximum contribution limits for HSAs are:

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

Catch-up contributions for age 55+

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

It's important to note that these contribution limits are set by the IRS and may be subject to annual adjustments. Contributing the maximum allowable amount to your HSA can help you save significantly on taxes while building a fund for future medical expenses.

Health Savings Accounts (HSAs) are an incredible tool for those looking to save on healthcare costs while reaping the benefits of tax deductions. If you're eyeing the year 2018 to boost your savings, you're probably pondering the contribution limits. Here’s what you need to know about investing in an HSA:

For the year 2018, the maximum allowable contributions are:

How much seniors can contribute

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

Furthermore, if you're 55 years or older, you have the opportunity to contribute an extra $1,000. Therefore, seniors can contribute as much as $4,450 for individual coverage and $7,900 for family coverage.

Remember, these limits are determined by the IRS and might change annually. By maximizing your contributions, you can not only reduce your tax burden but also accumulate a safety net for future medical expenses.