How Much for HSA in 2017 and 2018?

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What HSAs do and why they help

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. In 2017, the maximum contribution limit for an individual with self-only coverage was $3,400, and for those with family coverage, it was $6,750. In 2018, these limits were slightly increased to $3,450 for self-only coverage and $6,900 for family coverage.

Contributions to an HSA are tax-deductible and may be made by the account holder, their employer, or both. The funds in an HSA can be used to pay for qualified medical expenses without incurring taxes. This makes HSAs a popular choice for individuals looking to save for healthcare costs in a tax-efficient manner.

Contribution limits for 2017 and 2018

Health Savings Accounts (HSAs) are a fantastic financial tool that can help individuals save for their medical expenses while offering significant tax advantages. In 2017, the contribution limits were set at $3,400 for individuals with self-only coverage and $6,750 for those who opted for family coverage. In the following year, 2018, these limits saw a small increase, rising to $3,450 for self-only coverage and $6,900 for families. These incremental changes can significantly impact your savings over time.