What is the Maximum Contribution to HSA for 2018?

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2018 HSA limits and tax-free purpose

Health Savings Accounts (HSAs) are a valuable tool for saving money tax-free for medical expenses. For the year 2018, the maximum contribution limit for an individual with self-only coverage is $3,450, and for those with family coverage, it is $6,900.

It's essential to take advantage of the tax benefits that come with contributing to an HSA. Here's a brief overview of HSA contributions for 2018:

• Individual: $3,450
• Family: $6,900

Who can contribute and stay within limits

Contributions to an HSA can be made by you, your employer, or both, but it's crucial to ensure that the total contributions do not exceed the set limits to avoid penalties.

It's important to keep track of your contributions throughout the year to ensure you stay within the limits and reap the full benefits of an HSA.

Catch-up contributions for age 55+

If you are 55 or older, you are eligible to make an additional catch-up contribution of $1,000 to your HSA, allowing you to save even more for healthcare expenses in retirement.

Health Savings Accounts (HSAs) provide an incredible way to save money for medical expenses while enjoying tax advantages. For 2018, the contribution limit stands at $3,450 for individuals with self-only coverage and $6,900 for families. Be sure to optimize your contributions!