What is the maximum amount a person can contribute to the HSA 2018?

Are you curious about the maximum contribution limit to your Health Savings Account (HSA) in 2018? Let's dive into the details to help you understand better.

For the tax year 2018, individuals with self-only coverage under an HSA-qualified High Deductible Health Plan (HDHP) can contribute up to $3,450. If you have family coverage under an HDHP, the maximum contribution allowed is $6,900.

It's important to note that these contributions can be made by either you or your employer, or a combination of both. Additionally, if you are 55 or older, you are eligible to make an additional catch-up contribution of $1,000 per year.

Contributing to your HSA not only helps you save on taxes but also allows you to set aside funds for qualified medical expenses, both current and future.

Key Points:

• For self-only coverage: $3,450
• For family coverage: $6,900
• Additional catch-up contribution for 55 or older: $1,000

Have you ever wondered about the contribution limits for your Health Savings Account (HSA) in 2018? Understanding these limits can help you maximize your savings.

In 2018, the maximum contributions allowed are $3,450 for those with self-only coverage under an HSA-qualified High Deductible Health Plan (HDHP) and $6,900 for family coverage. It's essential to take advantage of these limits for efficient tax saving.

Moreover, if you are aged 55 or older, you can benefit from an additional catch-up contribution of $1,000, making it even more advantageous to contribute towards your HSA.