How Much Money Can Go Into an HSA in 2017?

If you are considering opening a Health Savings Account (HSA) in 2017, you may be wondering how much money you can contribute to it. In 2017, for individuals, the maximum contribution limit to an HSA is $3,400, while for families the limit is $6,750. Additionally, individuals who are 55 or older can contribute an extra $1,000 as a catch-up contribution.

Contributions to an HSA are tax-deductible, which means you can reduce your taxable income by contributing to your HSA. The money in your HSA grows tax-free, and as long as you use it for qualified medical expenses, withdrawals are also tax-free.

It's important to note that you can only contribute to an HSA if you have a High Deductible Health Plan (HDHP). The HDHP must meet certain criteria set by the IRS, such as minimum deductibles and out-of-pocket maximums.

When considering a Health Savings Account (HSA) in 2017, it's crucial to know the contribution limits. The maximum contributes for individuals is $3,400, and for families, it's $6,750. Plus, if you're 55 or older, you can add an extra $1,000 as a catch-up contribution, allowing you to save even more for future medical expenses.