How Much Can I Contribute to HSA in 2017?

When it comes to contributing to your Health Savings Account (HSA) in 2017, it's essential to be aware of the limits set by the IRS. Your HSA contributions can have significant tax benefits and help you save for medical expenses in the long run.

In 2017, the maximum contribution limits for HSAs were as follows:

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

Here are some key points to keep in mind about HSA contributions in 2017:

• You can make contributions to your HSA up to the tax filing deadline for that year, which is typically April 15 of the following year.
• If you are 55 or older, you can make additional catch-up contributions of $1,000 per year.
• Employers can also contribute to your HSA, which can further boost your savings.
• Contributions to your HSA are tax-deductible, meaning you can lower your taxable income by the amount you contribute.

It's important to stay informed about the contribution limits and rules surrounding HSAs to make the most of this valuable savings tool. Consult with a financial advisor or tax professional for personalized advice based on your specific situation.

Understanding how much you can contribute to your Health Savings Account (HSA) in 2017 is crucial for maximizing your savings. The IRS set the contribution limits to streamline your efforts in healthcare financing.