How Much Can You Save in HSA in 2018?

Health Savings Accounts (HSAs) are a great way to save money for medical expenses while also enjoying tax benefits. In 2018, the maximum HSA contribution limits were set by the IRS. For individuals, the limit was $3,450, and for families, it was $6,900. This means that you could save up to $3,450 as an individual or up to $6,900 as a family in your HSA for the year 2018.

Contributions to an HSA are tax-deductible, meaning you can lower your taxable income by the amount you contribute to your HSA. The funds in your HSA can be used to pay for qualified medical expenses, including doctor visits, prescription medications, and more. Plus, any interest or investment earnings on the money in your HSA are tax-free.

It's important to note that HSA contribution limits can change from year to year, so it's a good idea to stay informed about the current limits. In addition to the contribution limits, there are other important details to keep in mind when managing your HSA:

• HSAs are only available to individuals who are covered by a High Deductible Health Plan (HDHP).
• Unused funds in your HSA roll over from year to year, unlike Flexible Spending Accounts (FSAs), which have a
  

  Health Savings Accounts (HSAs) are an essential tool for saving money towards your healthcare expenses while receiving significant tax advantages. In 2018, the IRS set the HSA contribution limits for individuals at $3,450 and at $6,900 for families, allowing you to maximize your savings.