What is the Maximum Allowable HSA Contributions for a Single Person in 2018?

Health Savings Accounts (HSAs) are a powerful tool for managing healthcare costs while saving for the future. In 2018, the maximum allowable HSA contributions for a single person were set by the IRS.

For individuals with self-only coverage, the maximum contribution limit in 2018 was $3,450. This means that if you had an HSA and were enrolled in a high-deductible health plan on your own, you could contribute up to $3,450 for that tax year.

It's important to note that these contribution limits can change annually based on inflation and other factors. It's always a good idea to stay informed about the current limits to maximize the benefits of your HSA.

Health Savings Accounts (HSAs) are an essential financial tool designed to provide individuals with a way to manage their healthcare expenses efficiently while also saving money for future medical needs. In 2018, if you were a single individual enrolled in a high-deductible health plan, the IRS allowed you to contribute up to $3,450 to your HSA. Utilizing this contribution limit is crucial as it helps you save on your taxes while setting aside funds for anticipated healthcare costs.