HSA Guide
What is the max amount you can put in a HSA for 2018?
Published September 17, 2024
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Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. For the year 2018, the maximum amount an individual can contribute to their HSA is $3,450 for self-only coverage and $6,900 for family coverage.
Did you know that Health Savings Accounts (HSAs) not only help you save for medical expenses, but they also come with significant tax advantages? For 2018, individuals with self-only coverage can contribute up to $3,450, while those with family coverage can contribute as much as $6,900. These contribution limits can really help cushion those unexpected medical costs!
2018 HSA contribution rules and tax benefits
Here are some key points to know about HSA contributions for 2018:
- The HSA contribution limits are set by the IRS each year and are subject to change.
- Individuals aged 55 and older can make an additional 'catch-up' contribution of $1,000 to their HSA.
- Contributions to an HSA are tax-deductible, meaning you can lower your taxable income by contributing to your HSA.
- Funds in an HSA can be invested and grow tax-free, and withdrawals for qualified medical expenses are also tax-free.