What is the Maximum Contribution for an HSA for 2018?

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2018 maximum HSA contribution limits

Health Savings Accounts (HSAs) are a valuable tool for saving money on healthcare expenses while also enjoying tax advantages. In 2018, the maximum contribution limit for an HSA varies depending on your coverage type.

For individuals with self-only coverage, the maximum contribution for 2018 is $3,450. If you have family coverage, the maximum contribution is $6,900. These limits are set by the IRS and are subject to change each year.

Health Savings Accounts (HSAs) are designed to provide not just a way to save on healthcare costs but also a means of achieving significant tax benefits. In 2018, if you are covered by a self-only plan, the maximum amount you can contribute to your HSA is $3,450, while those with family plans can contribute a whopping $6,900. These limits are determined annually by the IRS and can vary from year to year, so it's critical to stay updated.

How limits are counted and catch-up

It's important to note that these contribution limits include both your own contributions and any contributions made by your employer. If you're 55 or older, you're allowed to make an additional $1,000 catch-up contribution.

Benefits of contributing up to limits

Contributing the maximum amount to your HSA can help you build a substantial fund for future medical expenses while also reducing your taxable income. Be sure to consult with a financial advisor to fully understand the benefits and rules surrounding HSAs.