How Long Can You Contribute to a HSA for 2017?

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2017 HSA basics and tax advantages

When it comes to contributing to a Health Savings Account (HSA) for the year 2017, there are specific timeframes and limits that you need to be aware of. An HSA is a tax-advantaged savings account that individuals can use to pay for qualified medical expenses. It offers a triple tax advantage as contributions are tax-deductible, the funds grow tax-free, and withdrawals for qualified medical expenses are also tax-free.

2017 contribution deadlines and limits

For the year 2017, the deadline to contribute to an HSA is typically tied to the tax filing deadline of the following year. Here are some key points to keep in mind:

• The deadline to contribute to an HSA for the year 2017 is April 17, 2018, for most individuals.
• If you have an HSA-eligible high deductible health plan (HDHP) for the entire 2017 calendar year, you can contribute the full annual HSA contribution limit for that year.
• For 2017, the annual HSA contribution limits were $3,400 for individuals and $6,750 for families.
• If you were 55 or older in 2017, you could make an additional catch-up contribution of $1,000.

Verify with provider and plan ahead

It's essential to verify the exact contribution limits and deadlines with your HSA provider or financial advisor as they can sometimes be subject to adjustment by the IRS. Maximizing your HSA contributions can help you save for medical expenses both now and in the future while enjoying valuable tax benefits.

Understanding how long you can contribute to a Health Savings Account (HSA) for the year 2017 is essential for maximizing your tax benefits and preparing for medical expenses. A Health Savings Account is more than just a savings tool; it’s a financial strategy that offers significant tax advantages.