How much can I contribute to an HSA in 2017?

When it comes to contributing to a Health Savings Account (HSA), knowing the limits for each year is essential. In 2017, the contribution limits for HSAs are as follows:

• For individuals, the maximum contribution is $3,400.
• For families, the maximum contribution is $6,750.
• Individuals aged 55 or older can make an additional catch-up contribution of $1,000 per year.

It's important to note that these limits are set by the IRS and can change from year to year, so staying informed is key to maximizing the benefits of your HSA. Contributing to your HSA not only helps you save for medical expenses tax-free but also offers potential long-term savings and investment opportunities.

Understanding how much you can contribute to your Health Savings Account (HSA) each year is essential for effective financial planning. Back in 2017, the IRS set specific contribution limits: individuals could contribute up to $3,400, while families were allowed a maximum contribution of $6,750. Additionally, if you were 55 years or older, you had the advantage of making a catch-up contribution of $1,000, boosting your savings potential. Keeping track of these limits yearly ensures you make the most of your tax-free medical expense savings.