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HSA Maximum Contributions for 2017 Announced
UPDATE: To find out the 2019 HSA contribution limits, click here.
The Internal Revenue Service (IRS) announced earlier this week that contributions for Health Savings Accounts (HSAs) will increase by $50 for individuals with an HSA. Contribution limits remain unchanged for families with an HSA.
Similar to FSAs in that they're also tax-free plans, HSAs allow you to set aside pre-tax money to cover qualified medical expenses. That money is exempt from federal income tax, FICA and state income taxes (most states). The money stays in your account similar to a savings account and you even interest on the savings. HSAs can be used for qualified medical costs and out-of-pocket medical expenses, ranging from co-pays to over-the-counter medical items and more. In order to get an HSA, you must be enrolled in a qualified High-Deductible Health Plan and have no other first dollar coverage - this can include a general purpose FSA.
Here's the Breakdown of Expenses and Information About HSA Maximum Contributions for 2017:
- HSA contributions for individuals (self-only coverage) thatcan be made in 2017 will go up by $50 to $3,400 from $3,350.
- Maximum contributions for anyone with family coverage will remain the same at $6,750.
- According to the IRS for 2017, a high deductible health plan is defined as "ahealth plan with an annual deductible that is not less than $1,300 for self-only coverage or $2,600 for family coverage, and the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,550 for self-only coverage or $13,100 for family coverage."
To read more about the IRS announcement, go to https://www.irs.gov/pub/irs-drop/rp-16-28.pdf
Do you have a Health Savings Account? Did you know you can buy everyday health items like eyeglasses, contact lens care, hot or cold packs, breast pumps and more with an HSA?
Shop for everyday health products with your HSA at HSAstore.com