HSA Limits for 2018: Understanding Your Health Savings Account Contribution Limits

If you have a Health Savings Account (HSA) or are considering opening one, it's important to know the contribution limits for 2018. An HSA is a tax-advantaged account that allows individuals with high-deductible health plans to save for medical expenses.

For 2018, the HSA contribution limits are:

• Individuals: $3,450
• Family: $6,900
• Catch-up Contributions (age 55 and older): $1,000

It's crucial to stay within these limits to maximize the benefits of your HSA and avoid penalties. Contributing to your HSA can help you save on taxes and cover future medical expenses. Be sure to consult with a financial advisor or tax professional for personalized advice on your HSA contributions.

Health Savings Accounts (HSAs) are an excellent tool for managing your healthcare expenses while reaping tax benefits. If you're curious about the HSA limits for 2018, you're in the right place to discover more.

For the year 2018, the HSA contribution limits are set as follows:

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

Additionally, it's important to note:

• Individuals aged 55 and above can make catch-up contributions of an extra $1,000.
• The deadline for contributions generally aligns with the tax filing deadline, giving you some flexibility.
• Don't forget, your employer may also contribute to your HSA, boosting your savings!

Understanding these limits and rules can greatly assist you in utilizing your HSA effectively for future healthcare needs.