Well, with all the changes we can expect in the coming year. The amount that can be contributed tax-free for medical expenses to your personal HSA account isn’t one of them. The Internal Revenue Service has announced the inflation-adjusted contribution limits for health savings accounts (HSAs) and health flexible spending arrangements (health FSAs) for tax year 2017.
2017 Contribution Limits
The tax year 2017 contribution limits for HSAs and health FSAs are as follows:
Maximum out-of-pocket limits:
- Individuals—$6,550 (unchanged from 2016)
- Families—$13,100 (unchanged from 2016)
Maximum contribution limit:
- Individuals—$3,400 (up from $3,350 for 2016).
- Families—$6750 (unchanged from 2016).
- Individuals–$1,300 (up from $2,550 for 2016)
- Families—$2,600 (up from $2,550 for 2016)
The increase is only $50 for the individual- but, it’s tax-free and it’s always good to save for a rainy day!