How Much Can I Put in My HSA in 2017?

If you are considering opening or already have a Health Savings Account (HSA), it's essential to know the maximum contribution limits for tax year 2017. HSAs are a great way to save and pay for medical expenses, offering tax advantages that can help you manage healthcare costs effectively. So, how much can you contribute to your HSA in 2017?

For the tax year 2017, individuals with self-only coverage under a high-deductible health plan (HDHP) can contribute up to $3,400 to their HSA. If you have family coverage under an HDHP, the maximum contribution limit is $6,750. If you are 55 or older, you can make an additional catch-up contribution of $1,000.

It's important to note that these contribution limits include contributions from both you and your employer combined. If you contribute more than the allowed amount, you may face tax penalties. Keeping track of your contributions is crucial to avoid exceeding the limits.

Understanding the contribution limits for your HSA can help you maximize the benefits of this valuable savings tool while staying compliant with IRS regulations. By knowing how much you can contribute, you can plan your healthcare expenses efficiently and take full advantage of the tax benefits offered by an HSA.

If you're considering a Health Savings Account (HSA) for 2017, it’s vital to understand the contribution limits. HSAs not only help you save for medical expenses but also offer incredible tax benefits, making them a smart financial tool.