What is HSA Allowance for 2018?

Are you curious about your HSA allowance for 2018? Let's dive into this important topic so you can maximize your health savings account benefits.

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare expenses while enjoying tax benefits. The HSA allowance for 2018 depends on whether you have an individual or family coverage plan.

For 2018, the HSA contribution limits were set at $3,450 for individuals and $6,900 for families. However, it's important to note that these limits are subject to change and may be adjusted annually based on inflation rates.

Contributions to your HSA are tax-deductible, meaning you can reduce your taxable income by the amount you contribute. Additionally, any interest or investment gains in your HSA account are tax-free. This makes HSAs an attractive option for saving for medical expenses in a tax-efficient manner.

Wondering about your HSA allowance for 2018? Let's unpack the nuts and bolts of Health Savings Accounts (HSAs) so you can make the most of your benefits. HSAs serve as a financial cushion for healthcare expenses while also delivering tax advantages to account holders.