How Much Can I Contribute to My HSA in 2017?

If you are considering a Health Savings Account (HSA) for the year 2017, it's essential to know the contribution limits. For individuals, the maximum annual contribution in 2017 was $3,400, while for families, it was $6,750. However, if you were aged 55 or older, you were allowed to contribute an additional $1,000 as a catch-up contribution.

Contributions to an HSA are tax-deductible, reducing your taxable income for the year. The funds in an HSA can be used to pay for qualified medical expenses, including deductibles, copayments, and certain other expenses not covered by your insurance.

It's important to note that your contributions must not exceed the annual limits set by the IRS, as there may be penalties for over-contributions. Make sure to keep track of your contributions throughout the year to avoid any issues.

Wondering how to make the most of your Health Savings Account in 2017? Knowing the contribution limits is essential. For individual accounts, the maximum contribution was $3,400, while families could contribute up to $6,750. Additionally, if you were 55 or older, you could make a catch-up contribution of $1,000. These limits not only help you plan your savings but also give you an opportunity to reduce your taxable income.