What is the Maximum Contribution for HSA in 2018?

If you are considering opening a Health Savings Account (HSA) or already have one, understanding the contribution limits is crucial. In 2018, the maximum contribution for an HSA depends on whether you have self-only coverage or a family plan. For individuals with self-only coverage, you can contribute up to $3,450, while those with a family plan can contribute up to $6,900. Additionally, if you are 55 or older, you are allowed to make catch-up contributions of an extra $1,000.

Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. It's important to stay within the contribution limits to avoid tax penalties.

When it comes to managing healthcare costs, a Health Savings Account (HSA) can be a game changer. In 2018, the maximum contribution limits are set to help individuals and families save effectively. For those with self-only coverage, the limit is $3,450, whereas families can contribute a total of $6,900. If you're 55 or older, remember you can take advantage of an additional catch-up contribution of $1,000. This is a great opportunity to bolster your savings for healthcare needs.