How Much Can You Put Into a HSA in 2017?

Health Savings Account (HSA) is a great way to save for medical expenses while also enjoying tax benefits. In 2017, the maximum contribution limit for an individual into an HSA was $3,400, and for families, it was $6,750. These contributions are tax-deductible, reduce your taxable income, and grow tax-free when used for qualified medical expenses.

Contributions to an HSA can be made by the account holder, an employer, or both. Individuals aged 55 and older could also make an additional catch-up contribution of $1,000. This higher contribution limit for older individuals recognizes their potentially higher healthcare costs.

It's important to note that these contribution limits are subject to change each year, so it's essential to stay updated with the current limits to make the most of your HSA benefits.

Did you know that a Health Savings Account (HSA) not only helps you save funds for future medical expenses but also provides significant tax advantages? In 2017, the individual contribution limit stood at $3,400, while families were allowed up to $6,750. Not only are these contributions tax-deductible, but they also grow tax-free when used for qualified medical expenses. This is a golden opportunity for anyone looking to manage their health costs wisely.