What is the Maximum Individual HSA Contribution for 2018?

Health Savings Account (HSA) is a beneficial tool for saving and paying for medical expenses while enjoying tax advantages. Understanding the contribution limits for HSAs is crucial to maximize its benefits. In 2018, the maximum individual HSA contribution is $3,450 for self-only coverage.

For individuals with family coverage under an HSA-qualified High Deductible Health Plan (HDHP), the maximum contribution is $6,900. These contributions can reduce your taxable income and grow tax-free, providing a triple tax advantage.

Additional contributions can be made if you are 55 or older, with a catch-up contribution of $1,000 per year. It's important to stay informed about HSA contribution limits as they are subject to change annually.

A Health Savings Account (HSA) is more than just a way to save for your medical costs; it’s an opportunity to take control of your healthcare spending. For the year 2018, the maximum contribution limit for individuals with self-only coverage stands at $3,450, while families can contribute up to $6,900. These contributions not only help in managing out-of-pocket medical expenses but also lower your taxable income, providing significant tax benefits.