HSA Contribution Limits for 2017 - Understanding Your Health Savings Account

If you're curious about the HSA contribution limits for 2017, you've come to the right place. Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. Here's what you need to know about HSA contribution limits for the year 2017.

For individuals, the maximum contribution limit for 2017 was $3,400, while for families, it was $6,750. If you were 55 or older, you were eligible to contribute an additional $1,000 as a catch-up contribution. These limits are set by the IRS and may change from year to year.

It's important to remember that these contribution limits include both your own contributions and any contributions made by your employer. If you exceed these limits, you may face tax penalties, so it's crucial to stay informed and make contributions within the allowed amounts.

Curious about how HSA contribution limits have evolved over the years? Understanding the HSA contribution limits for 2017 is a crucial step in maximizing your health savings while enjoying valuable tax advantages.