How much can be contributed to HSA in 2017?

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare expenses while enjoying tax benefits. If you are wondering how much can be contributed to an HSA in 2017, let's dive into the details.

In 2017, the maximum contribution limits for HSAs were:

• Individual Coverage: $3,400
• Family Coverage: $6,750

It's important to note that these limits are set by the IRS and are subject to change each year. Contributions to an HSA can be made by you, your employer, or both, but the total contributions cannot exceed the annual limit.

Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. This triple tax advantage makes HSAs a great way to save for future healthcare costs.

Health Savings Accounts (HSAs) are designed to help individuals and families save for medical expenses while also offering attractive tax benefits. Understanding how much you can contribute to an HSA in 2017 is crucial for maximizing your savings.

In 2017, the contribution limits were set at:

• Individual Coverage: $3,400
• Family Coverage: $6,750

These limits are defined by the IRS and can change annually, so be proactive in staying informed about the regulations that affect your contributions.

Remember, contributions can come from you, your employer, or both, but should not exceed the designated limits. The tax benefits of HSAs are significant: not only are contributions tax-deductible, but any interest earned also grows tax-free, and funds withdrawn for qualified medical expenses are not subject to taxes.