Higher 2017 HSA Contribution Limits for Individuals

Do you contribute to a health savings account, or HSA, to help you cover your medical expenses? Taxpayers are allowed to make tax-deductible contributions to HSAs if they have health plans that have high deductibles, based on Internal Revenue Service guidelines. If you have an HSA, you’ll be happy to hear that the annual deductible contribution limit certain coverage has been raised for 2017. For individuals (with self-only coverage), it will be increased by $50 from 2016 to $3,400. The limit for family coverage will be unchanged at $6,750.