Understanding HSA Contribution 2018: Everything You Need to Know

If you’re curious about HSA contributions in 2018, you’re in the right place. Health Savings Accounts (HSAs) are a popular way for individuals and families to save money for medical expenses while enjoying tax advantages. Contributions to your HSA can come from both you and your employer. For the year 2018, the contribution limits were set at $3,450 for individuals and $6,900 for families.

Contributions made into your HSA are tax-deductible, meaning that you can reduce your taxable income by the amount you contribute. This leads to potential savings on your annual tax bill. Additionally, any interest or investment gains earned within your HSA are tax-free as long as they’re used for qualified medical expenses.

It’s important to note that HSA contributions for 2018 could be made until the tax filing deadline for that year, typically April 15 of the following year. This allows individuals to maximize their contributions and tax benefits. Unused HSA funds can also be rolled over from year to year, unlike Flexible Spending Accounts (FSAs) which have a 'use it or lose it' rule.

Wondering about how HSAs work and their contribution limits for 2018? Look no further! Health Savings Accounts (HSAs) are an excellent option for individuals and families looking to save for future medical expenses. In 2018, you could contribute up to $3,450 for individual coverage and $6,900 for family coverage, which provides a fantastic opportunity to set aside pre-tax dollars for healthcare costs.