Who Sets HSA Limits 2018? Understanding Health Savings Account Regulations

Health Savings Accounts (HSAs) are a versatile financial tool that can help you save for medical expenses while enjoying tax benefits. Each year, the Internal Revenue Service (IRS) sets limits on how much you can contribute to your HSA.

In 2018, the contribution limits for HSAs were determined by the IRS as follows:

• Individuals: $3,450
• Family coverage: $6,900
• Catch-up contributions for those 55 and older: $1,000

It's important to stay informed about these limits as they can change annually. By understanding who sets HSA limits and the regulations surrounding them, you can make the most of your HSA for healthcare expenses.

Health Savings Accounts (HSAs) provide a unique way to save for health-related costs while offering tax perks that can enhance your finances. Understanding the contribution limits set by the Internal Revenue Service (IRS) is crucial for maximizing these benefits.

In 2018, the IRS had established specific contribution limits: individuals could contribute up to $3,450, while families had a limit of $6,900. Additionally, for those aged 55 and over, a catch-up contribution of $1,000 was allowed. Staying up-to-date with these regulations ensures you can take full advantage of your HSA savings for medical needs!