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

Health Savings Accounts (HSAs) are a great tool for saving money on medical expenses while also lowering your taxable income. In 2018, the maximum amount an individual can contribute to their HSA account is determined by the IRS.

For 2018, the contribution limits for HSA accounts are:

• Individual: $3,450
• Family: $6,900
• Additional $1,000 for those aged 55 and older

These amounts represent the total contributions you and your employer can make combined. It's important to note that if you are eligible for an HSA for only part of the year, your contribution limit is prorated based on the number of months you are eligible.

Contributions to your HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. This triple tax advantage makes HSAs a powerful way to save for healthcare costs now and in the future.

Health Savings Accounts (HSAs) are a fantastic financial tool that not only help you save for medical expenses but also allow you to enhance your overall financial health by lowering your taxable income. In 2018, individuals can maximize their HSA contributions, which are determined by the IRS.

The contribution limits for HSAs in 2018 are significant:

• Individual contributions can go up to $3,450.
• For families, the limit is set at a generous $6,900.
• Additionally, those aged 55 and older can contribute an extra $1,000.

Remember, these figures include both your contributions and those made by your employer. If you’re only eligible for an HSA for part of the year, don’t worry, as your contribution limit will be prorated according to the months you qualify. Make the most of it!

What makes HSAs stand out are their tax advantages: contributions are tax-deductible, any growth within the account is tax-free, and withdrawals for qualified medical expenses are also tax-free. This triple benefit makes HSAs an attractive option for savvy savers looking towards future healthcare costs.