What is the most you can contribute to HSA in 2017?

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2017 HSA maximum contributions by coverage

If you're considering contributing to a Health Savings Account (HSA) in 2017, it's essential to know the maximum contribution limits set for that year. An HSA is a tax-advantaged savings account designed to help individuals offset healthcare costs. So, what is the most you can contribute to an HSA in 2017?

In 2017, the maximum contribution limit for an individual with self-only coverage is $3,400, while for those with family coverage, the limit is $6,750. These limits are inclusive of both employee and employer contributions.

Catch-up contribution for age 55+

However, if you are 55 or older, you are eligible to make an additional 'catch-up' contribution of $1,000 on top of the regular contribution limits. This catch-up provision allows older individuals to save more for future healthcare expenses.

Limits reiterated for self-only and family

If you're considering contributing to a Health Savings Account (HSA) in 2017, knowing the maximum contribution limits is crucial for optimizing your savings. An HSA provides tax advantages to help individuals save for medical expenses.

In 2017, the contribution limits for an individual covered under a self-only plan stands at $3,400, while those with family coverage can contribute up to $6,750. These figures include contributions made by both the employee and their employer.

If you're 55 or older, don't forget about the opportunity to contribute an extra 'catch-up' amount of $1,000 on top of these limits. This provision is a fantastic way for older individuals to bolster their savings as healthcare costs can rise with age.