What is the Maximum You Can Put into an HSA in 2018?

When it comes to Health Savings Accounts (HSAs), individuals often wonder about the maximum contribution limits for a given year. In 2018, the maximum amount you can contribute to an HSA depends on whether you have self-only or family coverage.

For 2018:

• The maximum contribution for self-only coverage is $3,450.
• For family coverage, the maximum contribution is $6,900.
• If you are aged 55 or older, you are allowed an additional $1,000 'catch-up' contribution.

It's important to note that these contribution limits are set by the IRS and are subject to change annually. Contributions to an HSA are typically made on a pre-tax basis, allowing for tax savings and the flexibility to use the funds for qualified medical expenses.

For anyone looking to maximize their tax savings in 2018, understanding Health Savings Accounts (HSAs) is essential. The contribution limits vary based on whether you're enrolled in self-only or family coverage.

In 2018, the IRS set the maximum contribution limits as follows:

• $3,450 for self-only coverage.
• $6,900 for family coverage.
• Individuals aged 55 or older can boost their contributions by an additional $1,000, making it a great way to save for future medical expenses.

Your contributions are made pre-tax, which further enhances the tax benefits of utilizing an HSA. Always stay updated as these limits may shift from year to year!