HSA Guide
How Much to Contribute to HSA per Month 2017?
Published October 12, 2023
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Get the app2017 HSA limits: self-only vs family
In 2017, the contribution limits for Health Savings Accounts (HSAs) depend on whether you have self-only or family coverage. For self-only coverage, the maximum contribution was $3,400, while for family coverage, it was $6,750.
Monthly contribution amounts from annual limits
Contributing to your HSA per month can help you budget for healthcare expenses and take advantage of potential tax savings. To calculate how much to contribute per month, simply divide the annual limit by 12:
- For self-only coverage: $3,400 / 12 = $283.33 per month
- For family coverage: $6,750 / 12 = $562.50 per month
Understanding how much to contribute to your HSA each month can provide significant advantages. For 2017, if you have self-only coverage, you could contribute up to $3,400 annually, translating to $283.33 monthly. For those with family coverage, the limit is $6,750 per year, or $562.50 monthly. Setting this budget can ease the strain of unexpected medical expenses.
Catch-up contributions and HSA tax benefits
It's important to note that if you are 55 or older, you can make catch-up contributions of an additional $1,000 per year. This means you could contribute up to $4,400 for self-only coverage and $7,750 for family coverage in 2017.
Regularly contributing to your HSA not only helps you save for future medical expenses but also provides a valuable tax benefit. By contributing to your HSA, you can enjoy tax-deductible contributions, tax-deferred growth, and tax-free withdrawals for qualified medical expenses.