How much can I put into my HSA for 2017?

One of the key benefits of having a Health Savings Account (HSA) is the ability to make contributions that can help you save money for medical expenses on a tax-free basis. For the tax year 2017, the maximum contribution limits for an HSA are:

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

These contribution limits are set by the IRS and are subject to change each year. It's important to note that if you are 55 or older, you can make an additional 'catch-up' contribution of $1,000.

Contributions to your HSA can be made by you, your employer, or both. When calculating how much you can contribute, it's essential to consider contributions from all sources to ensure you do not exceed the allowable limits.

Remember, the funds in your HSA roll over from year to year, so any unused money remains in your account and continues to grow tax-free. This makes an HSA a valuable tool for building savings for future healthcare costs.

When considering your Health Savings Account (HSA) for the 2017 tax year, it's crucial to understand the maximum contribution limits that allow you to effectively manage your healthcare expenses tax-free. For 2017, individuals can contribute up to $3,400, while those with family coverage can set aside as much as $6,750. Additionally, if you are over the age of 55, don’t forget about the chance to contribute an extra $1,000 as a catch-up contribution, which can be a significant advantage!