How Much Can You Contribute to HSA in 2017?

Contributing to a Health Savings Account (HSA) is a smart way to save for medical expenses while enjoying tax benefits. In 2017, the contribution limits for HSAs were determined by the IRS.

The maximum annual contribution limits for individuals and families were:

• Individuals: $3,400
• Families: $6,750

Additional catch-up contributions were allowed for those aged 55 and older:

• Individuals: An extra $1,000
• Families: An extra $1,000

It's important to remember that contributions to an HSA can be made by the account holder, their employer, or both. The total contributions should not exceed the annual limits set by the IRS.

Maximizing your Health Savings Account (HSA) contributions not only helps you prepare for future medical expenses but also offers impressive tax advantages. In 2017, contributions to your HSA were limited to:

• Individuals: $3,400
• Families: $6,750

If you were 55 or older, you could take advantage of additional catch-up contributions:

• Individuals: An extra $1,000
• Families: An extra $1,000

Remember, contributions can come from the account holder, their employer, or both, but they must not exceed the set IRS limits.