How Much Can You Contribute to an HSA in 2018?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while also enjoying tax benefits. For the year 2018, the maximum amount you can contribute to an HSA depends on your type of coverage and age.

If you have self-only coverage:

• The maximum contribution is $3,450 for 2018.
• If you are 55 or older, you can make an additional catch-up contribution of $1,000, bringing your total maximum contribution to $4,450.

If you have family coverage:

• The maximum contribution is $6,900 for 2018.
• For those 55 or older, the catch-up contribution also applies, allowing a total maximum contribution of $7,900.

It's important to note that these contribution limits are subject to change, so it's essential to stay informed about current regulations.

Health Savings Accounts (HSAs) are an incredible tool for those looking to save for future medical expenditures, particularly with the tax advantages they offer. In 2018, understanding how much you can contribute to these accounts is crucial for optimal savings.

If you are covered by a self-only plan:

• The maximum contribution allowed is $3,450 for the year 2018.
• If you're 55 years or older, you can take advantage of a catch-up contribution of $1,000, allowing you to contribute up to $4,450 in total.

For individuals with family coverage:

• Your maximum contribution could be $6,900 for 2018.
• If you're aged 55 or older, you can make an additional catch-up contribution, raising your total limit to $7,900.

These limits are based on IRS regulations that can change yearly, so staying updated is always advisable for financial planning.