Is Congress Going to Increase HSA Limits in 2018?

One common question among individuals considering a Health Savings Account (HSA) is whether Congress will increase the contribution limits for HSAs in 2018. While changes to HSA limits are possible, as of now, there have been no official announcements regarding any increases.

HSAs are tax-advantaged accounts that individuals with high-deductible health plans can use to save for qualified medical expenses. It's important to stay informed about any potential updates to HSA limits. Here are some key points to consider:

• Current HSA contribution limits for 2018: For individuals, the maximum annual contribution is $3,450, and for families, it's $6,900.
• Catch-up contributions: Individuals aged 55 and older can make an additional $1,000 catch-up contribution each year.
• Potential for changes: While there is no guarantee that Congress will increase HSA limits in 2018, it's always a good idea to keep an eye on any legislative developments.
• Benefits of HSAs: HSAs offer various tax advantages, such as tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.

In conclusion, while there is no definitive answer to whether Congress will increase HSA limits in 2018, it's essential to stay informed about any potential changes that may impact your HSA contribution strategy.

As we dive into the specifics of Health Savings Accounts (HSAs), many might wonder about the potential adjustments to contribution limits in the coming years. For 2018, the HSA contribution limit is set at $3,450 for individuals and $6,900 for family plans, with an additional $1,000 catch-up contribution for those aged 55 and older.

While no official announcements have surfaced from Congress regarding an increase in these limits for 2018, it’s crucial to remain vigilant and ready to adapt to any changes that may arise. Understanding the details can empower you to make the most of your HSA benefits.