What is the max you can put in HSA 2016?

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2016 HSA contribution limits and catch-up

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. In 2016, the maximum amount you could contribute to an HSA depended on whether you had self-only or family coverage under a high deductible health plan (HDHP).

For individuals with self-only coverage, the max contribution was $3,350, while for those with family coverage, the limit was $6,750. However, if you were over 55 years old, you could contribute an additional $1,000 as a catch-up contribution.

It's important to note that these contribution limits are set by the IRS and may change from year to year, so it's crucial to stay updated on the current limits.

Recap of 2016 self-only, family amounts

Health Savings Accounts (HSAs) offer a unique opportunity to save for your healthcare expenses with tax advantages. In 2016, if you had self-only coverage under a high deductible health plan (HDHP), you could contribute up to $3,350. For those opting for family coverage, the limit increased significantly to $6,750. Additionally, individuals aged 55 and older could take advantage of a $1,000 catch-up contribution to bolster their savings.