How Much Can You Put in HSA Account for 2017?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. If you're wondering how much you can contribute to your HSA account for the year 2017, here's what you need to know!

For 2017, individuals with self-only coverage can contribute up to $3,400 to their HSA account, while those with family coverage can contribute up to $6,750. If you are 55 or older, you can make an additional catch-up contribution of $1,000.

Contributions to your HSA account are tax-deductible, meaning you can lower your taxable income by the amount you contribute. The money in your HSA can be used tax-free for qualified medical expenses at any time.

It's important to note that the annual contribution limits may change from year to year, so be sure to check the current limits for the year you are contributing.

Health Savings Accounts (HSAs) are not only a smart way to save for healthcare expenses, but they also come with fantastic tax advantages. If you're curious about contribution limits for HSAs in 2017, here's everything you need to know!

In 2017, individuals with self-only coverage can contribute up to $3,400, while those with family coverage can save as much as $6,750 in their HSAs. Additionally, if you're 55 or older, you have the opportunity to make a catch-up contribution of $1,000, helping you boost your savings for healthcare costs.

The best part? Contributions to your HSA are tax-deductible! This means you can reduce your taxable income by the amount contributed, allowing you to save even more money over time. Plus, any funds withdrawn for qualified medical expenses are taxed at 0%, making HSAs an incredible tool for reducing healthcare costs.

It's essential to keep in mind that HSA contribution limits are subject to annual adjustments, so it's wise to stay informed about the latest limits each year.