How Much Can You Put in an HSA 2018?

Health Savings Accounts (HSAs) have become increasingly popular as a way for individuals to save for medical expenses while enjoying tax benefits. If you are considering opening an HSA or already have one, you may be wondering how much you can contribute to it in 2018.

In 2018, the maximum annual contribution limit for an HSA is $3,450 for individuals and $6,900 for families. This means that if you have an individual HSA, you can contribute up to $3,450, and if you have a family HSA, you can contribute up to $6,900.

It's important to note that these contribution limits are set by the IRS and are subject to change each year. Additionally, if you are over the age of 55, you are eligible to make an additional catch-up contribution of $1,000 per year.

Contributing to an HSA can provide a range of benefits, including:

• Pre-tax contributions, which lower your taxable income
• Tax-free growth on your contributions
• The ability to use the funds for qualified medical expenses tax-free
• The ability to roll over unused funds from year to year

By maximizing your contributions to your HSA, you can take advantage of these benefits and ensure that you are prepared for any unexpected medical expenses that may arise.

Understanding Health Savings Accounts (HSAs) is vital, as they allow individuals to save money for medical expenses while benefiting from significant tax advantages. In 2018, the contribution limits stand at $3,450 for individuals and $6,900 for families, making it crucial to plan your contributions wisely.