What is the limit for HSA contributions 2018?

Health Savings Accounts (HSAs) have become increasingly popular as a way to save for medical expenses while enjoying tax benefits. One key aspect of HSA accounts is their contribution limits, which are set each year by the IRS. For the year 2018, the limit for HSA contributions was:

The HSA contribution limit for individuals was $3,450.

The HSA contribution limit for families was $6,900.

It's important to note that these limits include both individual contributions and any contributions made by employers on behalf of their employees. If you are 55 or older, you were also able to make an additional $1,000 'catch-up' contribution to your HSA in 2018.

HSAs offer a triple tax advantage - contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are tax-free. Be sure to consult with a financial advisor or tax professional to understand how HSAs can benefit your unique financial situation.

Health Savings Accounts (HSAs) are a fantastic way to not only set aside funds for medical expenses but also take advantage of significant tax benefits. In 2018, the IRS set the HSA contribution limits at:

For individual account holders, the limit was $3,450, while families could contribute up to $6,900. These contributions include any amounts your employer might contribute for you. Additionally, if you were 55 or older, you were eligible for a 'catch-up' contribution of up to $1,000, allowing you to save even more for future healthcare costs.