How Much Can You Put in a HSA in 2018?

When it comes to contributing to a Health Savings Account (HSA), it is essential to understand the yearly limitations set by the IRS. In 2018, the maximum amount that an individual could contribute to their HSA depended on whether they had self-only or family coverage. The contribution limits for HSAs are set to account for inflation and can vary each year.

For the year 2018, the maximum contribution limits were:

• Self-only coverage: $3,450
• Family coverage: $6,900

These limits represent the total amount that an individual or a family can contribute to their HSA for the 2018 tax year. It's important to note that individuals who are 55 or older by the end of the tax year may also be eligible to make additional catch-up contributions.

Understanding the contribution limits for a Health Savings Account (HSA) is crucial for maximizing your tax benefits. In 2018, the IRS established specific limits based on whether you were covered by a self-only or family health plan.

For that year, the contribution limits were:

• For self-only coverage: $3,450
• For family coverage: $6,900

It’s also important to remember that if you are 55 or older, you qualify for catch-up contributions, which allows you to add an extra $1,000 to your account, boosting your savings even more!