What is the HSA Contribution Limit for 2018?

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2018 HSA contribution limits and rules

Health Savings Accounts (HSAs) are a valuable tool for saving and paying for medical expenses. In 2018, the contribution limit for individuals with self-only coverage is $3,450, and for those with family coverage, it is $6,900. These limits are set by the IRS and are subject to annual adjustments.

Health Savings Accounts (HSAs) are an incredible financial tool designed to help individuals manage and save for medical expenses. The contribution limits for 2018 are set at $3,450 for individuals with self-only coverage and $6,900 for those who have family coverage, providing a robust opportunity for tax savings.

Tax benefits of contributing and withdrawing

Contributions to an HSA are tax-deductible, meaning you can reduce your taxable income by contributing to your HSA. The funds in your HSA grow tax-free, and withdrawals for qualified medical expenses are also tax-free.

HDHP eligibility and catch-up contributions

It's important to note that you must be enrolled in a high-deductible health plan (HDHP) to be eligible to contribute to an HSA. Additionally, individuals aged 55 and older can make an additional catch-up contribution of $1,000 per year.