What was the Maximum Contribution Limit for an HSA Account in 2018?

Health Savings Accounts (HSAs) are a great tool for saving money on medical expenses while enjoying tax benefits. In 2018, the maximum amount an individual could contribute to an HSA account was $3,450 for self-only coverage and $6,900 for family coverage.

Contributions made to an HSA are tax-deductible, meaning you can lower your taxable income by contributing to your HSA. Additionally, the funds in your HSA grow tax-free and can be withdrawn tax-free when used for qualified medical expenses.

It's essential to note that the contribution limits are set by the IRS and are subject to change each year. It's crucial to stay informed about the current limits to make the most of your HSA.

Health Savings Accounts (HSAs) provide an incredible way to save for medical costs while also benefiting from tax savings. Back in 2018, the IRS allowed individuals to contribute a maximum of $3,450 for self-only plans and $6,900 for family coverage, which helps in budgeting for healthcare expenses.