How Much is HSA Contribution for 2016?

When it comes to planning for healthcare expenses, Health Savings Accounts (HSAs) are a great option offering tax advantages. In 2016, the maximum HSA contribution limits were:

• $3,350 for individuals
• $6,750 for families
• An additional catch-up contribution of $1,000 for those aged 55 and older

Contributions made to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free when used for qualified medical expenses. It is important to note that these contribution limits are subject to change each year, so staying informed is key to maximizing your HSA benefits.

Understanding Health Savings Accounts (HSAs) can significantly help you save on healthcare costs. In 2016, the maximum contribution limits were set at $3,350 for individuals and $6,750 for families, along with an extra $1,000 catch-up contribution for those aged 55 and older.