How Much Can I Contribute to an HSA in 2017?

Are you curious about how much you can contribute to an HSA in 2017? Health Savings Accounts (HSAs) are a great way to save money for medical expenses while enjoying tax benefits. For 2017, the contribution limits for HSAs have been set by the IRS.

So, how much can you contribute to an HSA in 2017? The answer depends on whether you have self-only or family coverage under a High Deductible Health Plan (HDHP). Here are the contribution limits:

• For self-only coverage, you can contribute up to $3,400.
• For family coverage, you can contribute up to $6,750.
• If you are 55 or older, you can make an additional catch-up contribution of $1,000.

It's important to note that these limits are for the entire year, so if you open an HSA mid-year, your contributions will be prorated based on the number of months you were eligible.

Contributing to an HSA not only helps you save for medical expenses but also offers tax advantages. Your contributions are tax-deductible, the money grows tax-free, and withdrawals for qualified medical expenses are tax-free as well.

Make sure to stay informed about the current contribution limits and take advantage of the benefits offered by HSAs to secure your financial future and health well-being.

Are you looking to maximize your savings in 2017? Understanding how much you can contribute to a Health Savings Account (HSA) is key. HSAs provide an excellent opportunity to save money for medical expenses while enjoying significant tax benefits. For 2017, the IRS set specific contribution limits that vary based on your health plan coverage.

For those with self-only coverage under a High Deductible Health Plan (HDHP), the maximum contribution allowed is $3,400. On the other hand, if you have family coverage, you can contribute as much as $6,750 per year. It's worth noting that individuals aged 55 and older can take advantage of a catch-up contribution, adding an additional $1,000 to these limits.

Don’t forget that these amounts represent your total contributions for the year, and if you happen to open an HSA mid-year, your contributions will be prorated according to the months you were eligible. By regularly contributing to your HSA, you're not just saving for immediate medical expenses; you’re also reaping tax benefits as your funds grow tax-free and withdrawals for qualified medical expenses are tax-free as well.

Staying updated on these contribution limits is essential to fully leverage your HSA. Taking full advantage of HSAs can play a crucial role in securing both your financial future and your overall health.