How much can I contribute to my HSA in 2017?

In 2017, the maximum contribution limit for an individual to a Health Savings Account (HSA) was $3,400, while for families, the limit was $6,750. These limits are set by the IRS and are adjusted annually for inflation. It's important to note that these contributions are tax-deductible and can be made either by you or your employer.

Contributions to your HSA can be made throughout the year and even up until the tax filing deadline, which is usually April 15 of the following year. If you are 55 or older, you are also eligible to make catch-up contributions of an additional $1,000 per year.

HSAs are a great way to save for medical expenses, as the funds in the account roll over year after year and are not subject to taxes when used for qualified medical expenses. They offer a triple tax advantage: tax-deductible contributions, tax-free growth, and tax-free withdrawals when used for eligible expenses.

In 2017, the maximum contribution limit for an individual to a Health Savings Account (HSA) was set at $3,400, while families could contribute up to $6,750. Each year, the IRS adjusts these limits to account for inflation, making it essential to stay informed about updates.