What was the allowed contribution to HSA 2018?

When it comes to HSA (Health Savings Account), understanding the contribution limits is crucial for maximizing the benefits offered. In 2018, individuals were allowed to contribute $3,450 to their HSA accounts, while those with family coverage could contribute $6,900. These limits were set by the IRS and are important to keep in mind when planning your healthcare expenses and savings.

Contributions to an HSA are tax-deductible, meaning you can lower your taxable income by contributing to your HSA. The funds in your HSA can be used to pay for qualified medical expenses, both now and in the future, making it a valuable tool for managing healthcare costs.

In 2018, it was crucial to keep track of Health Savings Account (HSA) contribution limits to ensure you are making the most of your tax-advantaged savings. Individuals could contribute $3,450, while families were permitted to contribute $6,900. This structure was designed to help individuals manage their healthcare expenses effectively.