What is the maximum contribution to HSA for 2018?

Health Savings Accounts (HSAs) are a great tool for managing healthcare expenses and saving for the future. One important aspect to consider when using an HSA is the contribution limit set by the IRS. For the year 2018, the maximum contribution to HSA for individuals is $3,450, and for family coverage, it's $6,900.

Contributions to an HSA are tax-deductible, meaning you can reduce your taxable income by the amount you contribute. This not only helps you save on current taxes but also allows your funds to grow tax-free until you use them for qualified medical expenses.

It's worth noting that individuals aged 55 and older can make an additional catch-up contribution of $1,000 per year. This provision allows older individuals to boost their savings as they near retirement or face increased healthcare needs.

Health Savings Accounts (HSAs) are an incredible tool for managing healthcare costs while also putting money aside for future medical needs. In 2018, the IRS set the contribution limits at $3,450 for individuals and $6,900 for families, making it essential to know how these limits can work for you.