How Much Could Be Contributed to an HSA in 2017?

If you are considering opening a Health Savings Account (HSA) in 2017, it's essential to understand the contribution limits for that year. An HSA is a tax-advantaged account that allows individuals to save money for qualified medical expenses. Knowing how much you can contribute to your HSA can help you maximize your savings and tax benefits.

In 2017, the contribution limits for an HSA were set at $3,400 for individuals and $6,750 for families. These limits include both your contributions and any contributions made by your employer. If you were 55 or older, you could also make an additional catch-up contribution of $1,000.

It's important to note that these contribution limits are for the calendar year, so if you opened an HSA mid-year, you would need to prorate your contributions accordingly. Additionally, contributions to an HSA are tax-deductible, and any earnings in the account grow tax-free.

Are you planning to open a Health Savings Account (HSA) this year? If so, it's vital to stay informed about the contribution limits for 2017, which were established at $3,400 for individual accounts and $6,750 for families. This means you can save significantly for medical expenses while enjoying tax advantages!