Did you (or will you) make any HSA contributions for 2017?

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What an HSA is and why it matters

Have you considered contributing or planning to make HSA contributions for the year 2017? If you haven't, let's explore the benefits and details of HSA contributions to help you make an informed decision.

An HSA (Health Savings Account) is a tax-advantaged savings account that allows you to set aside money for qualified medical expenses. Here are some important points to consider:

Key 2017 HSA contribution tax benefits

• HSA contributions are tax-deductible: Any contributions you make to your HSA are tax-deductible on your federal income tax return.
• Tax-free growth: The funds in your HSA can grow tax-free through investments.
• Roll-over feature: Unlike FSA (Flexible Spending Account), the funds in your HSA roll over from year to year, so you can save for future medical expenses.
• Triple tax advantage: HSA contributions are not subject to federal income tax, state income tax (for most states), or FICA taxes.
• Contribution limits: For 2017, the maximum contribution limits were $3,400 for individuals and $6,750 for families.

Why contribute for 2017 and next steps

By making HSA contributions for 2017, you could lower your taxable income, save for future medical expenses, and enjoy the triple tax advantage. Consider speaking with a financial advisor or HR representative to determine the best contribution strategy for your financial situation.

Considering making HSA contributions for 2017? It's never too late to leverage your Health Savings Account for medical savings. An HSA is not just a smart financial decision, it’s also a step towards greater health security.