What is the 2018 HSA Contribution Limit?

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2018 IRS HSA limits and catch-up

If you're considering opening a Health Savings Account (HSA) or already have one, it's essential to stay updated on the contribution limits set by the IRS each year. In 2018, the maximum HSA contribution limit for individuals was $3,450, and for family coverage, it was $6,900. These limits include both your contributions and any contributions made by your employer. However, if you were 55 or older, you were eligible to make an additional catch-up contribution of $1,000.

Tax benefits and contribution deadline

Contributing to your HSA up to the maximum limit is a smart way to save for future medical expenses while enjoying tax benefits. Just remember that the contributions must be made before the tax-filing deadline, usually April 15 of the following year, to count for that tax year.

Reiterated limits for maximizing savings

The contribution limits for Health Savings Accounts (HSAs) are important to understand in order to maximize your savings and benefits. For the year 2018, the IRS set the HSA contribution limits at $3,450 for individuals and $6,900 for families. Don’t forget that if you’re 55 or older, you can make an additional contribution of $1,000 to your HSA, which can significantly boost your savings for medical expenses.