What is the Maximum HSA Deduction for 2018?

When it comes to Health Savings Accounts (HSAs), one of the key considerations for individuals is the maximum contribution that can be deducted from taxes. For the year 2018, the maximum HSA deduction that an individual could claim depended on their coverage level under a High Deductible Health Plan (HDHP). The following are the maximum contribution limits:

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

It's important for individuals to be aware of these limits as they plan their healthcare expenses and tax strategies. By taking advantage of the tax benefits offered by HSAs, individuals can save money on both healthcare costs and taxes.

Understanding the maximum HSA deduction limits is crucial for effective financial planning. For 2018, individuals under a High Deductible Health Plan (HDHP) could deduct up to $3,450 if they had self-only coverage, or $6,900 if they had family coverage. Making the most of these contributions allows individuals to maximize their tax benefits while also preparing for potential medical expenses.