How Much Are You Allowed to Contribute to Your HSA in 2017?

Health Savings Accounts (HSAs) offer individuals a tax-advantaged way to save for medical expenses. In 2017, the maximum contributions allowed for an HSA differ depending on whether you have an individual or family plan. For those with individual coverage, the contribution limit was $3,400, while for those with family coverage, the limit was $6,750.

Contributions to an HSA are tax-deductible, which means you can reduce your taxable income by the amount you contribute up to the annual limits. Additionally, any interest or other earnings on the HSA funds are tax-free as long as they are used for qualified medical expenses.

Health Savings Accounts (HSAs) are a smart way to save for medical expenses while reaping tax benefits. In 2017, if you had individual health coverage, you could contribute a maximum of $3,400 to your HSA. For families, the contribution limit was set at $6,750. These contributions are tax-deductible, effectively lowering your taxable income, and any growth in your HSA remains tax-free if used for qualified medical expenses.