What is the Contribution Limit for HSA 2017?

When it comes to Health Savings Accounts (HSAs), knowing the contribution limits is crucial for maximizing your savings potential. In 2017, the contribution limit for HSA accounts was set by the IRS.

The contribution limit for HSA in 2017:

• For individuals: $3,400
• For families: $6,750

It's important to note that these limits include both your contributions and any contributions made by your employer. If you are 55 or older, you are also eligible for an additional catch-up contribution of $1,000.

By understanding and maximizing your contributions to an HSA account, you can take advantage of tax benefits and save for future medical expenses. It's a tax-advantaged way to save for healthcare costs, both now and in the future.

Understanding the contribution limits for Health Savings Accounts (HSAs) is vital for anyone looking to optimize their savings strategy. In 2017, the IRS set specific limits that can help you plan accordingly.

The contribution limit for HSA in 2017 was:

• For individuals: $3,400
• For families: $6,750

These contributions encompass both what you put in and what your employer contributes, meaning it's a combined total that counts towards this limit. If you are 55 years or older, don’t forget about the catch-up contribution, allowing you to add an extra $1,000!

Maximizing your contributions not only helps you save on taxes but also ensures you're better prepared for any future medical expenses, making HSAs a powerful financial tool.