How Much Can I Deposit in HSA 2017?

When it comes to Health Savings Accounts (HSA), understanding how much you can deposit is crucial. In 2017, the maximum contribution limits for an HSA are set by the IRS. These limits vary based on whether you have an individual or family HSA plan.

For 2017, the HSA contribution limits are:

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

It's important to note that if you are over the age of 55, you can make additional catch-up contributions of $1,000 per year.

Contributions made to an HSA are tax-deductible, and the funds in the account can be used tax-free for qualified medical expenses. HSA contributions can be made by you, your employer, or both.

Understanding the maximum you can deposit in a Health Savings Account (HSA) is vital for your financial planning. In 2017, the IRS established specific contribution limits: for those with an individual coverage plan, the limit is set at $3,400, while families can contribute up to $6,750. Additionally, for individuals aged 55 or older, an extra $1,000 can be contributed annually as a catch-up contribution.