What is the Family HSA Contribution Limit for 2018 at Age 60?

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HSAs basics and tax-free medical saving

Health Savings Accounts (HSAs) are a valuable tool for individuals and families to save for medical expenses tax-free. In 2018, the family HSA contribution limit for those aged 55 and older, including individuals who have turned 60, is $7,900. This contribution limit is set by the IRS and is subject to annual adjustment for inflation.

Contributing to an HSA can provide tax advantages and help cover medical expenses now and in the future. Here are some key points to note about HSA contributions:

2018 HSA limits for ages 55 and older

• Individuals aged 55 or older, including those aged 60, can make an additional 'catch-up' contribution of $1,000 per year on top of the regular contribution limit.
• The family HSA contribution limit includes contributions made by both the account holder and their eligible family members.
• Contributions to an HSA can be made with pre-tax dollars, reducing your taxable income for the year.

Health Savings Accounts (HSAs) are an excellent way for families to prepare for future medical expenses. For the year 2018, the contribution limit for those aged 60 and above, which includes individuals aged 55 and older, stands at $7,900. Remember, this limit is influenced by IRS adjustments to account for inflation.

Need professional guidance for IRS limits

Understanding the contribution limits and benefits of an HSA can help you make the most of this healthcare savings vehicle. It's important to consult with a financial advisor or tax professional to ensure you are maximizing your HSA contributions within the IRS guidelines.