What is the allowable contribution to an HSA in 2017?

When it comes to health savings accounts (HSAs), understanding the contribution limits is crucial for maximizing the benefits. In 2017, the allowable contribution to an HSA was based on whether you had an individual or family plan.

For those with self-only coverage in 2017, the annual contribution limit was $3,400. If you had a family plan, you could contribute up to $6,750 per year to your HSA. It's important to note that these limits are for the total contributions, including both employer and employee contributions.

Additionally, for individuals aged 55 and older, there was a catch-up contribution of $1,000 allowed on top of the regular contribution limits. This means that older individuals could contribute up to $4,400 for self-only coverage and $7,750 for family coverage in 2017.

Understanding the contribution limits for health savings accounts (HSAs) is vital for optimizing your savings and health care expenses. In 2017, the limits varied based on your health plan: the maximum contribution you could make for self-only coverage was $3,400, while those with family coverage could save up to $6,750 annually.