HSA Contributions for 2018: Everything You Need to Know

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. If you're wondering about HSA contributions for 2018, you're in the right place. In 2018, the contribution limits for HSAs were:

• For individuals: $3,450
• For families: $6,900

These limits represent the maximum amount of money you could contribute to your HSA in 2018.

Contributions to an HSA can be made by both the account holder and their employer. It's important to note that contributions made by your employer are not taxable income to you.

Another important point to consider is that HSA contributions are tax-deductible, meaning you can lower your taxable income by contributing to your HSA.

It's crucial to stay informed about the contribution limits each year, as they can change annually. As of 2021, the contribution limits are:

• For individuals: $3,600
• For families: $7,200

So, if you were not aware of the HSA contribution limits for 2018, now you're up to date!

Health Savings Accounts (HSAs) offer a fantastic opportunity for individuals and families to save money for healthcare costs while enjoying significant tax advantages. In 2018, the government set contribution limits to ensure that HSAs are used effectively: individuals could contribute up to $3,450, whereas families could contribute $6,900. It's definitely worth taking full advantage of these limits!