How Much Can Be Contributed to a HSA in 2017?

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2017 HSA contribution limits and catch-up

Health Savings Accounts (HSAs) are a great way to save for medical expenses while also enjoying tax benefits. If you're wondering how much you can contribute to a HSA in 2017, here's what you need to know.

In 2017, the maximum contribution limits for HSAs are $3,400 for individuals and $6,750 for families. These limits include both your contributions and any contributions made by your employer. If you are 55 or older, you can also make catch-up contributions of up to $1,000 per year.

Eligibility rules for contributing to HSAs

It's important to note that these contribution limits are set by the IRS and can change each year. In order to contribute to an HSA, you must be enrolled in a High Deductible Health Plan (HDHP) and not be covered by any other health insurance that is not an HDHP.

Tax benefits and eligible medical expenses

Contributing to an HSA can help you save for future medical expenses while also reducing your taxable income. The funds in your HSA can be used to pay for a wide range of medical expenses, from doctor's visits to prescription medications to certain medical devices.

Health Savings Accounts (HSAs) present an excellent opportunity to save for healthcare costs while benefiting from significant tax advantages. If you're curious about how much you can contribute to an HSA in 2017, you've come to the right place!