Who Can Make HSA Contribution Limits 2018? - A Comprehensive Guide

Check eligibility on the go — browse 7,000+ HSA-eligible products in the free app.

Who can contribute to HSAs in 2018

Health Savings Accounts (HSAs) are a valuable tool for individuals to save and pay for medical expenses. Understanding who can make HSA contributions and the limits for 2018 is crucial for maximizing the benefits of this tax-advantaged account.

For the year 2018, the following individuals can make HSA contributions:

• Individuals with a High Deductible Health Plan (HDHP)
• Employers can also contribute to their employees' HSAs
• Self-employed individuals can contribute to their own HSAs

Health Savings Accounts (HSAs) are an excellent way to save money on healthcare costs, but understanding who can contribute is key. In 2018, those eligible include individuals with a High Deductible Health Plan (HDHP), employers who wish to assist their employees, and self-employed individuals managing their own HSAs.

IRS 2018 HSA limits and catch-up

It's essential to know the contribution limits set by the IRS for 2018:

• For individuals: $3,450
• For families: $6,900
• Individuals age 55 or older can make an additional catch-up contribution of $1,000

Tax benefits of HSA contributions

Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. Understanding who is eligible to contribute and the limits for 2018 can help individuals leverage the benefits of an HSA effectively.