What is the contribution amount for HSA in 2018?

When it comes to Health Savings Accounts (HSAs), understanding the contribution amounts for each year is crucial. In 2018, the contribution limits for individuals and families were set by the IRS.

For 2018, the maximum contribution amounts were:

• Individuals: $3,450
• Families: $6,900

It's essential to note that these limits include both employee and employer contributions combined. If you were 55 or older, you could contribute an additional $1,000 as a catch-up contribution.

HSAs offer a tax-advantaged way to save for medical expenses, with contributions being tax-deductible and withdrawals tax-free for qualified medical expenses.

Contributions to your HSA can be made throughout the year, up until the tax filing deadline, which is usually April 15 of the following year.

When it comes to managing your healthcare expenses, Health Savings Accounts (HSAs) are a powerful tool that can help you save money while enjoying tax benefits. In 2018, the contribution limits were specifically designed to give both individuals and families a chance to maximize their savings.

For the year 2018, the maximum contribution amounts allowed were:

• Individuals: $3,450
• Families: $6,900

It’s important to remember that these figures include contributions made by both employees and employers combined. If you were 55 years or older, you had the additional opportunity to make a catch-up contribution of $1,000 to boost your savings.

HSAs are remarkable not just for their contribution limits but also for the tax advantages they provide: your contributions are tax-deductible, and qualified withdrawals are tax-free. This means you can effectively grow your savings for future healthcare needs.

Don’t forget, contributions to your HSA can be made throughout the year, and you have until the usual tax filing deadline of April 15 of the following year to contribute to the previous year’s limit.