How Much Can I Contribute to My HSA in 2017 if Both Spouses are Over 44?

When both spouses are over the age of 55, the maximum contribution limit for a Health Savings Account (HSA) increases due to the catch-up contribution allowed by the IRS. For 2017, the contribution limit for individuals is $3,400 and for families is $6,750. However, if both spouses are over 55, they can each make an additional catch-up contribution of $1,000, totaling $8,750 for the family HSA limit.

HSAs are a tax-advantaged way to save for medical expenses. The contributions are tax-deductible, the funds in the account grow tax-free, and withdrawals are tax-free when used for qualified medical expenses. This makes HSAs a valuable tool for healthcare cost planning.

When both spouses are over the age of 55, they can take advantage of increased contribution limits for their Health Savings Account (HSA). In 2017, couples can contribute up to $8,750 annually if both are eligible for catch-up contributions, which is a great way to bolster healthcare savings.