What is the max you can contribute to HSA in 2018?

If you are considering opening or already have a Health Savings Account (HSA) in 2018, it’s essential to know the maximum contribution limits. A Health Savings Account is a tax-advantaged account that allows individuals to save for medical expenses while enjoying certain tax benefits. Here is the vital information you need to know about HSA contributions in 2018.

The maximum you can contribute to an HSA in 2018 depends on whether you have self-only or family coverage:

• Self-only coverage: For self-only HSA coverage, the maximum contribution limit in 2018 is $3,450.
• Family coverage: If you have family HSA coverage, the maximum contribution limit is $6,900 in 2018.
• Catch-up contributions: Individuals who are 55 years or older can make an additional catch-up contribution of $1,000 on top of the maximum allowed for their coverage type.

It is important to note that these contribution limits are for the year 2018 and may be adjusted annually by the IRS. Contributing the maximum allowed to your HSA can help you save on taxes and cover your medical expenses more effectively. Be sure to consult with a financial advisor or tax professional to understand how HSAs can benefit your financial planning.

In 2018, if you're considering a Health Savings Account (HSA), it's vital to be aware of the maximum contribution limits to ensure you're maximizing your potential savings. The limits for contributions depend on the type of coverage you have.