HSA Guide
How Much Can I Contribute to HSA in 2018?
Published September 20, 2023
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Health Savings Accounts (HSAs) are a valuable tool for saving and paying for healthcare expenses tax-free. If you are considering contributing to an HSA in 2018, it's important to know the maximum limits set by the IRS.
In 2018, the contribution limits for an HSA are as follows:
- For individuals: $3,450
- For families: $6,900
Catch-up contributions and employer total
These limits account for both your contributions and any contributions made by your employer. If you are 55 or older, you can also make catch-up contributions of an additional $1,000 per year.
Contributing to an HSA can help you save on healthcare costs and build a tax-advantaged fund for future medical needs. Be sure to check with your employer or financial institution to ensure you are not exceeding the limits.
Health Savings Accounts (HSAs) are a fantastic way to save money on healthcare costs while taking advantage of tax benefits. In 2018, the IRS has established specific contribution limits to help you maximize your savings.
For that year, individuals can contribute a maximum of $3,450, while families can contribute up to $6,900. Remember, these figures include any contributions made by your employer as well.
Staying within limits and tax benefits
If youâre 55 years old or older, you have the opportunity to make an additional catch-up contribution of $1,000, ensuring that you can bolster your savings for potential medical expenses.
Utilizing an HSA not only helps in managing healthcare costs but also allows your savings to grow tax-free. Itâs essential to stay informed and ensure that youâre not exceeding the annual contribution limits. Check with your employer for your options!