What Are the Contribution Limits for 2017 for HSA?

Health Savings Accounts (HSAs) are a great way to save money for medical expenses while enjoying tax benefits. One important aspect of HSAs to consider is the contribution limits set by the IRS each year. For the year 2017, here are the contribution limits for HSAs:

• For individuals: $3,400
• For families: $6,750
• Additional catch-up contribution for individuals aged 55 and older: $1,000

These contribution limits determine how much you can deposit into your HSA account tax-free, helping you save for future healthcare costs. It's essential to stay informed about these limits to maximize the benefits of your HSA.

Health Savings Accounts (HSAs) offer a fantastic opportunity for individuals and families to save money for healthcare expenses while reaping the benefits of tax savings. In 2017, understanding the contribution limits set by the IRS was crucial for maximizing these advantages. For that year, individuals could contribute up to $3,400, while families were allowed a generous limit of $6,750. In addition, those aged 55 and older had the chance to make an additional catch-up contribution of $1,000, helping them save even more for medical costs in their later years.