What is the Maximum Contribution to HSA in 2017 and 2018?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. One common question people have is about the maximum contribution limits for HSAs in 2017 and 2018. Let's dive into the details!

In 2017, the maximum contribution to an HSA for individuals was $3,400, and for families, it was $6,750. In 2018, these limits increased slightly to $3,450 for individuals and $6,900 for families. It's essential to know these limits as they determine how much you can save in your HSA tax-free.

Contributions to an HSA are tax-deductible, meaning you can reduce your taxable income by the amount you contribute to the account. Additionally, the money in your HSA grows tax-free, and withdrawals for qualified medical expenses are also tax-free.

Understanding the maximum contribution limits for HSAs can help you make the most of this valuable savings tool. Be sure to consult with a financial advisor or tax professional to ensure you are maximizing your HSA contributions within the legal limits.

Health Savings Accounts (HSAs) not only provide an opportunity to save for future medical expenses, but they also offer significant tax benefits that can ease your financial burden. In 2017, individuals could contribute up to $3,400, while families were allowed a maximum of $6,750. The following year, in 2018, these limits increased slightly to $3,450 for individuals and $6,900 for families. Keeping track of these limits is crucial not only for maximizing your savings but also for planning your healthcare expenses wisely!