How Much Can You Contribute to 2017 HSA?

When it comes to contributing to a Health Savings Account (HSA), the maximum allowable contribution varies from year to year. For the year 2017, the contribution limits for an individual and a family are different.

For the 2017 tax year, the maximum HSA contribution amounts are as follows:

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

It is important to note that these contribution limits include both your own contributions as well as any contributions made by your employer. If you are 55 or older, you are also eligible to make catch-up contributions of an additional $1,000 per year.

Contributions to an HSA are tax-deductible, meaning you can reduce your taxable income by the amount you contribute to your HSA. This can lead to significant tax savings, making HSAs a valuable tool for managing healthcare costs.

Understanding how much you can contribute to your Health Savings Account (HSA) each year is crucial for maximizing your savings potential. In 2017, the contribution limits differ for individual and family coverage, which can greatly affect your financial planning.