How Much Can I Contribute to My HSA Each Year in 2017?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. In 2017, the contribution limits for individuals and families differed slightly from the current year. Knowing how much you can contribute to your HSA each year is crucial for maximizing your savings and tax advantages.

In 2017, the annual contribution limits for HSAs were $3,400 for individuals and $6,750 for families. However, if you were 55 or older, you could make an additional 'catch-up' contribution of $1,000 per year. These contributions are tax-deductible and can be used to pay for qualified medical expenses tax-free.

Contributions to your HSA can be made either by yourself or your employer, or a combination of both. It's important to note that the total contributions to your HSA, including any employer contributions, cannot exceed the annual limits set by the IRS.

Health Savings Accounts (HSAs) have become increasingly popular as a tax-advantaged way to set aside money for medical expenses. In the year 2017, understanding the contribution limits was vital for individuals seeking to maximize their savings.