How Much Can We Contribute to an HSA in 2017?

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2017 HSA contribution limits overview

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax advantages. In 2017, the contribution limits for individuals and families were set by the IRS. For those with self-only coverage, the maximum contribution was $3,400, while those with family coverage could contribute up to $6,750.

Here are some key points about HSA contributions in 2017:

Self-only, family, and age 55+ rules

• Individuals with self-only coverage could contribute up to $3,400.
• Families with family coverage could contribute up to $6,750.
• For those aged 55 and older, an additional catch-up contribution of $1,000 was allowed.

Health Savings Accounts (HSAs) are a smart and tax-efficient way to plan for your medical expenses. In 2017, the IRS established specific contribution limits: individuals with self-only health coverage could contribute up to $3,400, while families could enjoy a higher limit of $6,750. It’s also worth noting that individuals aged 55 and older were allowed to make an extra catch-up contribution of $1,000.

Who can contribute and IRS limits

Contributions to an HSA can be made by an individual, an employer, or both. The total contribution cannot exceed the annual limit set by the IRS. It's essential to stay informed about contribution limits and maximize your savings in an HSA to cover qualified medical expenses.