How Much Can You Put in an HSA in 2018?

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2018 maximum HSA contribution limits

Health Savings Accounts (HSAs) are a great way to save for medical expenses while reaping tax benefits. If you are thinking about contributing to an HSA in 2018, you might wonder how much you can put in. The annual contribution limits for an HSA in 2018 are based on whether you have self-only or family coverage under a high deductible health plan (HDHP).

For 2018, the maximum HSA contribution limits are:

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

Catch-up contributions for age 55+

Additionally, you can make an extra $1,000 catch-up contribution if you are 55 years or older by the end of the year.

Tax advantages and IRS-set limits

Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. It's a triple tax advantage!

It's important to keep in mind that these contribution limits are set by the IRS and may change each year. Make sure to stay informed of any updates to the HSA contribution limits for the current tax year.

Health Savings Accounts (HSAs) are an excellent financial tool that allows individuals to effectively save for future medical expenses while also benefiting from tax savings. If you're considering adding funds to your HSA in 2018, you might be curious about the maximum contribution amounts allowed this year based on your health coverage type.

For 2018, the maximum HSA contribution limits are as follows:

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

Additionally, if you're 55 years of age or older, you can also make a catch-up contribution of $1,000 to help boost your savings.

The beauty of HSAs lies in their triple tax advantage: the contributions you make are tax-deductible, any interest or investment gains grow tax-free, and withdrawals for qualified medical expenses are also tax-free, making them a win-win for your finances!

It’s essential to note that contribution limits are set by the IRS and can change annually. Therefore, keep an eye on any updates for 2019 and beyond to maximize your savings!