How Much Can I Put in My HSA for 2017?

When it comes to contributing to your Health Savings Account (HSA) for the year 2017, there are specific limits set by the IRS that govern how much you can put in. Understanding these limits is essential to maximizing the benefits of your HSA while staying within the legal boundaries.

For the tax year 2017, if you had self-only coverage under a High Deductible Health Plan (HDHP), the maximum HSA contribution was $3,400. If you had family coverage under an HDHP, the maximum contribution allowed was $6,750. It's important to note that these limits include both your contributions and any contributions made by your employer.

Additionally, for individuals aged 55 and older, there is a catch-up contribution of $1,000 allowed on top of the regular HSA contribution limits. This means that individuals in this age group could contribute up to $4,400 for self-only coverage or $7,750 for family coverage for the year 2017.

Summary of HSA Contribution Limits for 2017:

• Self-only coverage: $3,400
• Family coverage: $6,750
• Catch-up contribution (55 and older): $1,000 extra

By staying informed about the HSA contribution limits for each tax year, you can make smart decisions about saving for your healthcare expenses while reaping the tax benefits that an HSA offers. Consult with a financial advisor for personalized advice on managing your HSA contributions effectively and maximizing your healthcare savings.

Contributing to your Health Savings Account (HSA) for the year 2017 is crucial, and understanding the IRS limits can help you optimize your contributions. For 2017, the maximum contribution for individuals with self-only coverage under a High Deductible Health Plan (HDHP) was set at $3,400, while those with family coverage could contribute up to $6,750.