What is the contribution limit for HSA in 2017?

If you’re considering opening a Health Savings Account (HSA) or already have one, knowing the contribution limits is essential. In 2017, the contribution limit for HSA accounts depends on whether you have self-only coverage or family coverage.

For individuals with self-only coverage, the contribution limit in 2017 was $3,400. If you had a family coverage plan, the limit increased to $6,750. It's important to note that these limits include both your contributions and any contributions made by your employer.

Contributions to your HSA are tax-deductible, meaning you can lower your taxable income by the amount you contribute to the account. This makes HSAs a valuable tool for saving on healthcare costs while reducing your tax liability.

If you’re considering opening a Health Savings Account (HSA) or already have one, it’s crucial to be aware of the contribution limits, especially as they can change from year to year. In 2017, for those with self-only coverage, the contribution limit was set at $3,400, while for those with family coverage, it rose to $6,750.

It’s vital to remember that these limits encompass total contributions, including both your own deposits and those made by your employer. Understanding this can maximize your savings potential.

A notable benefit of HSAs is that all contributions are tax-deductible, making it a savvy way to reduce your taxable income while also preparing for healthcare expenses down the road.