What is the HSA Deduction for 2018?

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2018 HSA deduction limits by coverage

Health Savings Account (HSA) is a valuable tool that can help you save money for medical expenses while enjoying tax benefits. One key aspect of an HSA is the deduction you can claim when filing your taxes. For the year 2018, the allowed deduction for HSA contributions depends on your filing status and age.

Here is a breakdown of the HSA deduction limits for 2018:

• Individual Coverage: $3,450
• Family Coverage: $6,900
• Catch-up Contributions (age 55 and older): Additional $1,000

Highlights of 2018 self-only and family limits

It's important to note that these limits are subject to change, so it's always a good idea to consult with a financial advisor or tax professional for the most up-to-date information. By maximizing your HSA contributions within the allowed limits, you can enjoy tax savings and build a nest egg for future healthcare expenses.

Health Savings Accounts (HSAs) provide both a financial safety net for medical expenses and significant tax advantages. For individuals with self-only coverage in a high-deductible health plan, the HSA deduction limit for 2018 is set at $3,450, while those covering a family can contribute up to $6,900.