What is the Family HSA Contribution Limit for 2017?

If you are enrolled in a High-Deductible Health Plan with a Health Savings Account (HSA), understanding the contribution limits is crucial. For the year 2017, the family HSA contribution limit was $6,750. This limit applies to families who are on an HSA-qualified High-Deductible Health Plan (HDHP) and have chosen to contribute to a family HSA.

Contributing to an HSA can provide numerous tax benefits and help you save for future medical expenses. Here are some key points to consider regarding Family HSA Contribution Limits for 2017:

• The 2017 contribution limit for individuals with self-only coverage was $3,400.
• For families, the maximum contribution was $6,750.
• Individuals aged 55 or older could make an additional catch-up contribution of $1,000 per year.
• Contributions to an HSA are tax-deductible, reducing your taxable income.
• Funds in an HSA can be used to pay for qualified medical expenses tax-free.
• Any unused funds in the HSA rollover from year to year, making it a valuable long-term savings tool.
• Employers or family members can also contribute to your HSA, within the annual limits.

If you're looking to maximize your health savings, understanding the Family HSA contribution limit for 2017 is essential. With a limit of $6,750, families enrolled in a High-Deductible Health Plan (HDHP) can significantly reduce their tax liability while setting aside funds for any potential medical expenses.