How Much can I Deposit in my HSA for 2017?

It's essential for individuals to understand the contribution limits for their Health Savings Account (HSA) to maximize its benefits. For the tax year 2017, the maximum amount you can deposit in your HSA depends on several factors, including your age, type of health coverage, and the number of months you were eligible to contribute. Here's a breakdown of the limits:

• For individuals with self-only coverage, the maximum contribution limit for 2017 was $3,400.
• If you had family coverage, the limit was $6,750.
• If you were 55 or older in 2017, you were eligible for an additional catch-up contribution of $1,000.

It's important to note that these limits are set by the IRS and are subject to change each year. Contributing the maximum amount to your HSA can provide you with tax advantages and help you save for future medical expenses.

Understanding the contribution limits for your Health Savings Account (HSA) is crucial for getting the most out of your plan. In 2017, your maximum deposit could vary based on factors like your age, health coverage type, and how many months you qualified to contribute. For those with self-only coverage, the limit was set at $3,400. If you had family coverage, it increased to $6,750. Plus, individuals aged 55 and older were allowed an additional catch-up contribution of $1,000. Make sure to stay updated, as these limits change every year, and hitting the max can lead to significant tax advantages and better preparation for unexpected medical expenses.