How much can a family put in HSA in 2017?

Health Savings Accounts (HSAs) are a valuable tool for families to save on healthcare expenses. In 2017, the maximum amount a family can contribute to an HSA is determined by the IRS.

For 2017, the maximum contribution limits for HSAs are:

• Family coverage: $6,750
• Individual coverage: $3,400

Additional contributions can be made if you are over the age of 55, known as catch-up contributions. In 2017, individuals over 55 can contribute an extra $1,000 to their HSA.

It is important to note that these contribution limits are for the total amount that can be contributed to an HSA, including contributions made by both the employer and the employee. If both spouses are over 55 and covered under a family HSA plan, they can each make catch-up contributions.

HSAs offer tax advantages, including tax-deductible contributions, tax-free earnings, and tax-free withdrawals for qualified medical expenses. Any unused funds in an HSA carry over from year to year, making it a valuable long-term savings vehicle for healthcare costs.

Health Savings Accounts (HSAs) serve as an excellent financial tool, especially for families trying to manage healthcare costs. In 2017, the IRS allows families to contribute a maximum of $6,750 to their HSAs. This provides a significant opportunity to save on medical expenses while enjoying tax benefits.