What is the amount a person can pay to their HSA in 2017?

When it comes to contributing to your Health Savings Account (HSA) in 2017, there are specific limits set by the IRS that individuals need to be aware of. Understanding these limits can help you maximize the benefits of your HSA while staying compliant with regulations.

In 2017, the maximum contribution that an individual can make to their HSA is:

• $3,400 for self-only coverage
• $6,750 for family coverage

It's essential to note that these contribution limits are for the entire year, regardless of when you open your HSA account. If you are eligible for an HSA for only part of the year, due to changes in your health coverage, the contribution limits are prorated based on the number of months you were eligible.

Contributions to your HSA are tax-deductible and can provide you with valuable tax savings. By taking advantage of these contribution limits, you can build a fund to cover eligible medical expenses now and in the future.

When considering your Health Savings Account (HSA) contributions for 2017, it's crucial to be aware of the IRS set limits which allow you to maximize potential tax benefits and manage your healthcare expenses efficiently.

For the year 2017, the IRS established the following contribution limits:

• $3,400 for individuals with self-only coverage
• $6,750 for those with family coverage

Regardless of when you set up your HSA, these limits apply for the entire year. If your eligibility for HSA contributions changes mid-year due to alterations in your health coverage, you'll need to prorate these limits based on how many months you were actually eligible.

Furthermore, it's important to remember that contributions to your HSA are not just tax-deductible but also serve as a smart way to save for future healthcare costs, providing peace of mind when those medical expenses arise.