What is Max for HSA 2018? - Everything You Need to Know about Health Savings Account Limits

A Health Savings Account (HSA) is a tax-advantaged account that allows individuals to save money for qualified medical expenses. HSA contributions have limits that can change from year to year. For the year 2018, the maximum contribution limit for an HSA depends on whether you have self-only or family coverage.

For 2018, the maximum contribution limits are:

• Self-only coverage: $3,450
• Family coverage: $6,900

It's important to note that these contribution limits include both employer and employee contributions, but not employer contributions towards premiums or catch-up contributions for individuals aged 55 and older.

Contributions to an HSA are tax-deductible, grow tax-free, and withdrawals for qualified medical expenses are also tax-free. These accounts can help you save for current and future medical expenses while enjoying tax benefits.

A Health Savings Account (HSA) is an incredible way to manage your healthcare expenses while enjoying a range of tax benefits. In 2018, understanding HSA contribution limits can significantly impact your financial planning and help you save for future medical expenses.

For the year 2018, the maximum contribution limits for your HSA are set at:

• Self-only coverage: $3,450
• Family coverage: $6,900

These limits combine both employer and employee contributions, giving you a robust strategy to manage your health costs. Importantly, if you’re 55 or older, you can also make additional catch-up contributions, thus maximizing your savings even further.

HSAs not only provide tax-deductible contributions, but they also grow tax-free and allow for tax-free withdrawals when used for qualified medical expenses. This triple tax advantage positions HSAs as a smart option for building financial security concerning healthcare.