What is the Maximum HSA Contribution Permitted on 2017?

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2017 HSA contribution limits by coverage

When it comes to Health Savings Accounts (HSAs), understanding the contribution limits is essential for maximizing your healthcare savings. In 2017, the maximum HSA contribution permitted for individuals and families varied, depending on their coverage type.

For individuals:

- The maximum HSA contribution permitted for individuals with self-only coverage in 2017 was $3,400.

For families:

- Families with HSA coverage could contribute up to $6,750 in 2017.

IRS-set limits, catch-up, and strategies

It's important to note that these limits were set by the IRS and were subject to change each year. Additionally, individuals aged 55 and older were eligible for an additional catch-up contribution of $1,000 in 2017.

Understanding Health Savings Accounts (HSAs) is crucial for anyone looking to save on medical expenses. In 2017, the contribution limits were distinct for individuals and families, which meant specific strategies were needed to maximize these accounts.

For individuals:

- If you were covered under a self-only HSA plan in 2017, the maximum contribution you could make was $3,400.

For families:

- Families enjoying HSA coverage could contribute as much as $6,750, allowing for comprehensive healthcare funding.

Moreover, individuals aged 55 and older could take advantage of a special catch-up contribution, permitting an extra $1,000 that year. This provided a significant opportunity for older adults to enhance their savings as they approached retirement.