What is the HSA Contribution Limit for 2018? Has it Lowered?

Health Savings Accounts (HSAs) have become increasingly popular among individuals looking to save for medical expenses while enjoying tax benefits. One common question that arises is the HSA contribution limit for 2018 and whether it has been lowered.

For the year 2018, the HSA contribution limits are as follows:

• Single coverage: $3,450
• Family coverage: $6,900

It is important to note that for 2018, the contribution limit for individuals aged 55 and older remains the same with an additional catch-up contribution of $1,000.

As for whether the HSA contribution limit for 2018 has been lowered, the answer is no. In fact, the limits have slightly increased compared to the previous year.

HSAs are a valuable tool for saving for healthcare expenses tax-free. By contributing to an HSA, individuals can enjoy tax deductions and the flexibility to use the funds for qualified medical expenses.

Understanding Health Savings Accounts (HSAs) can truly empower individuals to manage their healthcare expenses more effectively. For 2018, the contribution limits for HSAs are set at $3,450 for those with single coverage and $6,900 for family coverage. These limits allow you to save money for medical expenses while enjoying the added benefit of tax deductions!