How Much Money Can I Put in My HSA for 2018?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. If you are wondering how much money you can contribute to your HSA for the year 2018, here's what you need to know:

For 2018, the maximum contribution limit for an individual with self-only coverage is $3,450, and for those with family coverage, it is $6,900. If you are 55 or older, you can make an additional catch-up contribution of $1,000.

It's important to note that these limits are set by the IRS and can be subject to annual adjustments. Make sure to check for any updates before finalizing your contributions.

Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. Any unused funds in your HSA roll over from year to year, making it a valuable long-term savings tool for healthcare costs.

Health Savings Accounts (HSAs) are an excellent option for individuals looking to save on medical costs while benefiting from substantial tax advantages. To clarify the contribution limits for 2018, individuals with self-only coverage can contribute a maximum of $3,450. However, those with family coverage can contribute up to $6,900. Additionally, if you are 55 years old or older, you're eligible for a catch-up contribution of $1,000, aiding in your savings strategy.