The IRS has released the 2018 HSA contributions limits for individuals and families. 2018 HSA contributions are $3,450 for individuals and $6,900 for families.
2018 HSA Contributions Limits
As a reference, the 2017 HSA Contributions limits were $3,400 for individuals and $6,750 for families. This means the individual contribution limits increased $50 and family contributions increased $150.
HSA catch-up contributions will remain at an additional $1,000 for qualifying individuals over the age of 55.
As you may know, an HSA is not a health insurance plan, but can (and should) be used in conjunction with all HSA-eligible plans (like a high deductible health plan). Qualifying HSA-eligible plan requirements have changed, just slightly, in 2018.
In 2018, HSA-eligible plans that qualify must have minimum deductibles of $1,350 for individuals and $2,700 for families. This is a $50 and $100 increase from 2017 respectively. Qualifying plans must have maximum out-of-pocket amounts of less than $6,650 for individuals and $13,300 for families. This is a $100 and $200 increase from 2017 respectively.
HSAs continue to grow and have already eclipsed 21 million accounts and $42.7 billion in assets. As the contributions limits are raised year over year, it will only continue to fuel HSA growth and provide more tax-free money for individuals and families to save for qualified out-of-pocket medical expenses.
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Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.