What Are the Maximum HSA Contributions for 2017?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. For the year 2017, the maximum HSA contributions depend on whether you have self-only or family coverage.

For individuals with self-only coverage, the maximum contribution limit was $3,400. If you had family coverage, then the maximum contribution limit was $6,750. It's important to note that these limits include both your contributions and any contributions made by your employer.

Additionally, if you were 55 or older in 2017, you were allowed to make an additional catch-up contribution of $1,000. This meant that individuals with self-only coverage could contribute up to $4,400, and those with family coverage could contribute up to $7,750.

Health Savings Accounts (HSAs) are designed to help individuals and families save for future healthcare needs while offering substantial tax advantages. In 2017, the maximum contributions to an HSA varied significantly based on your coverage type, which is crucial to understand for anyone looking to maximize their savings.