What are HSA Contribution Max Limits for 2018?

Health Savings Accounts (HSAs) are a tax-advantaged way for individuals and families to save for medical expenses. For the year 2018, the maximum contribution limits for HSAs are:

• Individuals: $3,450
• Family coverage: $6,900
• Catch-up contributions for those aged 55 and older: $1,000

Contributions to HSAs are tax-deductible, grow tax-free, and withdrawals for qualified medical expenses are also tax-free. It's essential to be aware of the contribution limits to maximize the benefits of an HSA.

In 2018, Health Savings Accounts (HSAs) remain a powerful tool to help individuals and families set aside money for future medical expenses, with the maximum contributions set at:

• For individual coverage: $3,450
• If you have family coverage: $6,900
• Additionally, individuals aged 55 and older can make a catch-up contribution of $1,000, allowing you to save more as you approach retirement.

Remember, contributions to your HSA are tax-deductible, meaning you can reduce your taxable income while also enjoying tax-free growth on your funds. Moreover, when you withdraw money for qualified medical expenses, those withdrawals are free from taxes, providing significant financial advantages.