Understanding HSA Adjustments 2017 Limitations

Health Savings Accounts (HSAs) are a tax-advantaged way to save for medical expenses. In 2017, there were specific limitations and adjustments that affected how much individuals could contribute to their HSAs.

Here are some key points to understand about HSA adjustments and limitations for the year 2017:

• The annual contribution limit for individuals with self-only coverage was $3,400, while those with family coverage could contribute up to $6,750.
• Individuals aged 55 and older were allowed an additional catch-up contribution of $1,000.
• The minimum annual deductible for High Deductible Health Plans (HDHPs) remained at $1,300 for self-only coverage and $2,600 for family coverage.
• The out-of-pocket maximum for HDHPs was set at $6,550 for self-only coverage and $13,100 for family coverage.
• Employers could also make contributions to their employees' HSAs, which would count towards the annual limits.

These limitations and adjustments are important to consider when managing your HSA contributions and expenses. Understanding the regulations can help you make the most of your HSA and save money on medical costs.

Health Savings Accounts (HSAs) offer a fantastic opportunity for individuals to save money on medical expenses tax-free. In 2017, the contribution limits were established, helping people manage their expenses more effectively.