HSA Guide
What is the limit of contributions to HSA in 2018?
Published September 16, 2024
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When it comes to contributing to your Health Savings Account (HSA) in 2018, it's important to be aware of the limits set by the IRS to maximize the benefits of this tax-advantaged account.
The HSA contribution limits for 2018 are as follows:
- For individuals: $3,450
- For families: $6,900
- Additional catch-up contribution for individuals aged 55 and older: $1,000
Staying within limits avoids penalties
It's essential to stay within these limits to avoid any penalties or tax implications. By contributing the maximum allowed amount, you can take advantage of the tax benefits and save for future healthcare expenses.
Understanding the HSA contribution limits for 2018 is crucial for anyone looking to save on healthcare costs. As set by the IRS, the contribution limits allow individuals to save up to $3,450, while families can contribute as much as $6,900. Keep in mind that if you're 55 or older, you can add an extra $1,000, making it easier to build your savings for those unexpected medical expenses.