What is the Limit for Contributing to a Family HSA for 2017?

Health Savings Accounts (HSAs) are a powerful tool for managing healthcare expenses while saving on taxes. One of the key aspects of an HSA is the contribution limit, which varies based on whether it's an individual or family plan.

For the tax year 2017, the limit for contributing to a family HSA is $6,750. This means that if you have a family health insurance plan and an HSA, you can contribute up to $6,750 towards your HSA for the year 2017.

Contributing to an HSA has several benefits:

• Contributions are tax-deductible, reducing your taxable income.
• Interest and investment earnings on the HSA funds grow tax-free.
• Withdrawals for qualified medical expenses are tax-free.

It's important to note that if you are 55 or older, you can make an additional catch-up contribution of $1,000, bringing the total contribution limit for individuals in a family HSA to $7,750 for 2017.

When managing healthcare expenses, many families opt for a Health Savings Account (HSA), which not only provides a safety net for qualified medical costs but also offers significant tax advantages. For the tax year 2017, if you hold a family plan, the maximum contribution you can make to your HSA is $6,750.