What is the maximum a person can put into a HSA account in 2018?

Health Savings Accounts (HSAs) have become increasingly popular as a way to save for medical expenses while enjoying tax benefits. One of the common questions that individuals have is about the maximum contribution limit for an HSA account in 2018.

In 2018, the maximum amount that an individual can contribute to an HSA account is determined by the IRS. For individuals with self-only coverage, the maximum contribution limit is $3,450. If you have family coverage under an HSA-qualified high deductible health plan, the maximum contribution limit is $6,900.

It is important to note that these contribution limits are subject to change each year, so it's essential to stay updated on the current limits set by the IRS. Additionally, individuals who are 55 or older are allowed to make catch-up contributions to their HSA accounts, allowing them to contribute an additional $1,000 on top of the regular limit.

Key Points:

• Maximum contribution limit for self-only coverage in 2018: $3,450
• Maximum contribution limit for family coverage in 2018: $6,900
• Individuals aged 55 or older can make catch-up contributions of $1,000

Health Savings Accounts (HSAs) have emerged as a great tool for individuals looking to manage their healthcare expenses while also taking advantage of tax deductions. In 2018, the IRS set clear contribution limits that play a crucial role in planning your savings.

For individuals who have self-only coverage under an HSA-qualified high deductible health plan, the limit stands at $3,450. On the other hand, for those with family coverage, you can contribute up to $6,900. This distinction is vital for effective budgeting for your healthcare needs.

Additionally, if you're 55 years old or older, you are in a position to take advantage of catch-up contributions, which allows you to contribute an extra $1,000, helping you build a larger savings cushion for medical expenses in retirement or later years.