How Much is HSA Contribution for 2017? - Understanding HSA Contribution Limits

If you're considering opening a Health Savings Account (HSA) or already have one, you may be wondering about the contribution limits for 2017. An HSA is a tax-advantaged savings account that allows individuals to save for qualified medical expenses. Understanding the contribution limits is essential for maximizing the benefits of an HSA.

For the year 2017, the IRS set the contribution limits for HSAs as follows:

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

These limits represent the maximum amount that an individual or family can contribute to their HSA for the year. Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. It's important to stay within these limits to avoid any penalties or tax implications.

Contributions to an HSA can be made by the account holder, their employer, or both. If you are 55 or older, you are eligible to make an additional catch-up contribution of $1,000 per year. Keep in mind that these contribution limits may change from year to year, so it's essential to stay informed about the current limits.

By taking advantage of an HSA and contributing up to the maximum limits, you can benefit from tax savings and secure funds for future medical expenses. Consult with a financial advisor or tax professional for personalized advice on managing your HSA contributions.

If you're looking to maximize your savings with a Health Savings Account (HSA), understanding the contribution limits is critical. For 2017, the IRS established the contribution caps at $3,400 for individuals and $6,750 for families. These contributions can greatly benefit your financial health!