HSA Contribution for 2018 - What is the Maximum Amount?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax advantages. For the year 2018, individuals with self-only coverage can contribute up to $3,450, and those with family coverage can contribute up to $6,900 to their HSA.

These contributions are tax-deductible, meaning you can reduce your taxable income by the amount you contribute to your HSA. The funds in your HSA can be used to pay for qualified medical expenses like doctor visits, prescription medications, and even some over-the-counter items.

It's important to note that if you are 55 or older, you are eligible to make an additional catch-up contribution of $1,000 per year.

Health Savings Accounts (HSAs) provide a fantastic way for individuals to set aside money for medical expenses while enjoying the added benefit of tax advantages. In 2018, the maximum contribution limit for individuals with self-only coverage is set at $3,450, while those with family coverage can contribute up to $6,900. This encourages families to save for unexpected medical costs.