What is the total HSA contribution limit for 2018?

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HSA contribution limits and catch-up

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. In 2018, the total HSA contribution limit for individuals was $3,450, and for family coverage, it was $6,900. However, if you were 55 or older, you could contribute an additional $1,000 as a catch-up contribution.

Health Savings Accounts (HSAs) are an excellent way to set aside funds for medical expenses while also benefiting from tax breaks. In 2018, individuals could contribute up to $3,450, while families enjoyed a limit of $6,900. For those aged 55 and older, an additional catch-up contribution of $1,000 was permitted, allowing for more savings as retirement approaches.

Triple tax advantages of HSAs

HSAs offer a triple tax advantage - contributions are tax-deductible, the account grows tax-free, and withdrawals for qualified medical expenses are also tax-free. It's a powerful tool for managing healthcare costs and saving for the future.