How Much Money Can I Put in My HSA in 2017?

If you're curious about how much money you can contribute to your Health Savings Account (HSA) in 2017, you're not alone. Understanding the maximum contribution limits for an HSA can help you make the most of this tax-advantaged savings account to cover eligible medical expenses. Here's what you need to know about HSA contributions in 2017:

In 2017, the maximum annual contribution for an individual with self-only coverage is $3,400, and for those with family coverage, the limit is $6,750. These limits include both your contributions and any contributions made by your employer.

It's important to note that if you're 55 or older, you can contribute an additional catch-up contribution of $1,000 per year above the regular contribution limit. This can help you boost your HSA savings as you near retirement age.

Contributions to your HSA are tax-deductible, meaning you can reduce your taxable income by the amount you contribute to the account. Any funds in your HSA can be invested and grow tax-free, and withdrawals for qualified medical expenses are also tax-free.

If you’re looking to boost your health savings, knowing how much you can contribute to your HSA (Health Savings Account) in 2017 is crucial. This is a terrific way to prepare financially for medical expenses, especially since contributions are tax-deductible. For 2017, you can put aside a maximum of $3,400 for individual coverage and $6,750 for family coverage. Additionally, if you’re 55 or older, remember you can make an extra catch-up contribution of $1,000!