What is the HSA Contribution Limit for 2018?

Many individuals are curious about the contribution limit for Health Savings Accounts (HSAs) in 2018. An HSA is a tax-advantaged savings account that individuals can use to pay for qualified medical expenses.

For the year 2018, the maximum HSA contribution limit for individuals with self-only coverage is $3,450, and for those with family coverage, the limit is $6,900.

It is important to note that these contribution limits are subject to change each year due to inflation adjustments. Additionally, individuals aged 55 and older are eligible to make catch-up contributions of up to an additional $1,000 per year.

Contributions to an HSA are tax-deductible, grow tax-free, and withdrawals for qualified medical expenses are also tax-free, making it a powerful savings tool for healthcare costs.

Understanding the HSA contribution limits for 2018 is crucial for maximizing your healthcare savings. With a limit of $3,450 for individual self-only coverage and $6,900 for family coverage, there are significant opportunities to save on future medical expenses.