What is the IRS HSA Contribution Limit for 2017?

When it comes to Health Savings Accounts (HSAs), understanding the contribution limits set by the Internal Revenue Service (IRS) is crucial for maximizing the benefits of this tax-advantaged account.

In 2017, the IRS HSA contribution limits were as follows:

• For individuals: $3,400
• For families: $6,750
• Additional catch-up contribution for individuals aged 55 and older: $1,000

These limits represent the maximum amount of money that an individual or family can contribute to their HSA in a given tax year.

Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free when used for qualifying medical expenses, making it a powerful tool for managing healthcare costs.

When exploring Health Savings Accounts (HSAs), it’s essential to be aware of the IRS contribution limits, as they play a significant role in how you can save for medical expenses tax-efficiently. In 2017, the IRS set the contribution limits at $3,400 for individuals and $6,750 for families. Additionally, those aged 55 and over could contribute an extra $1,000 as a catch-up contribution. This means that a couple over 55 could contribute up to $8,500 per year!