What is the allowable HSA contribution for 2018?

Are you wondering how much you can contribute to your Health Savings Account (HSA) for the year 2018? It's important to stay up to date on the contribution limits to maximize the benefits of your HSA. In 2018, the allowable HSA contribution for an individual was $3,450, while for families it was $6,900. These limits are set by the IRS and may be adjusted annually for inflation.

Contributing the maximum allowable amount to your HSA not only helps you save on taxes but also ensures that you have enough funds for any unexpected medical expenses that may arise. Keep in mind that if you are 55 or older, you can make an additional catch-up contribution of $1,000 per year.

It's worth noting that HSA contributions are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. Any unused funds can roll over from year to year, making an HSA a valuable long-term savings tool for healthcare costs.

Are you curious about the HSA contribution limits for the year 2018? Knowing these limits can empower you to make the most out of your Health Savings Account (HSA). For individuals, the maximum allowable contribution was set at $3,450, whereas families had a limit of $6,900. These figures are established by the IRS and could change every year based on inflation.