What is the HSA Limit for 2017? - Understanding your Health Savings Account

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. One important aspect of HSAs is knowing the contribution limits set by the IRS each year. In 2017, the HSA contribution limits were as follows:

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

These limits determine the maximum amount you can contribute to your HSA account for the tax year, which can help you plan your healthcare expenses and save on taxes at the same time. By understanding and maximizing your HSA contributions, you can take full advantage of this valuable healthcare savings tool.

Health Savings Accounts (HSAs) are a powerful financial tool for those looking to save for healthcare costs while enjoying advantageous tax benefits. In 2017, the IRS set specific contribution limits that played a crucial role in how much individuals and families could save. For individuals, the limit was $3,400, while families could contribute up to $6,750. Additionally, those aged 55 and older had the option to make a catch-up contribution of $1,000, further enhancing their savings potential. By understanding these limits, you can effectively strategize your healthcare spending and maximize the tax benefits your HSA provides.