How Much Can I Put in HSA for 2017?

If you're exploring the benefits of an HSA (Health Savings Account) for 2017, you may be wondering about the contribution limits. As of 2017, the maximum contribution allowed by the IRS for individuals with self-only coverage is $3,400, and for those with family coverage, it's $6,750.

Contributions to an HSA are tax-deductible, meaning you can lower your taxable income by the amount you contribute. Additionally, the funds in your HSA can be used tax-free for qualified medical expenses, making it a valuable tool for managing healthcare costs.

Here are some key points to remember about HSA contributions for 2017:

• Individual contribution limit: $3,400
• Family contribution limit: $6,750
• Contribution deadline: You can make contributions up to the tax filing deadline for that year
• Catch-up contributions: If you're 55 or older, you can contribute an additional $1,000

Are you thinking about opening a Health Savings Account in 2017? Understanding the contribution limits is crucial, as individuals with self-only health coverage can contribute up to $3,400, while those with family coverage can max out at $6,750. This can be a tremendous way to save for medical expenses while also receiving tax benefits.