What is the 2018 HSA Limit?

When it comes to Health Savings Accounts (HSAs), it's important to stay updated on the contribution limits set by the IRS each year. The 2018 HSA limit refers to the maximum amount an individual or family can contribute to their HSA account during the year.

In 2018, the HSA contribution limits were:

• Individual: $3,450
• Family: $6,900

Contributions made to an HSA are tax-deductible, can grow tax-free, and can be withdrawn tax-free when used for qualified medical expenses.

It's essential to be aware of these limits to make the most of your HSA benefits and to avoid any penalties for over-contributions. Consult with your financial advisor or employer for more information specific to your situation.

Understanding the contribution limits of your Health Savings Account (HSA) is crucial for maximizing its benefits, especially as these limits are adjusted annually by the IRS. In 2018, those limits were set at:

• Individual: $3,450
• Family: $6,900

Contributing to an HSA not only allows you to save on taxes but also accumulates tax-free. Remember, these funds can only be withdrawn tax-free if they're used for qualified medical expenses, making it vital to keep track of your spending. To ensure you're making the most out of your HSA, consult with a financial advisor to tailor your contributions to your personal health and financial situation.