A Health Savings Account (HSA) is a tax-advantaged financial account paired with 
a high deductible health plan qualified (HDHP). An HSA can be used to pay for eligible medical expenses tax free, and save for the future. Many employers offer employee HSA contributions as part of their benefit health programs.
With an HSA, there is an adjusted annual contribution limit each year by the Internal Revenue Service (IRS). This article describes the HSA contribution limits and other guidelines HSA, 2017.
HSA Guidelines for 2017
| ASH Contribution Limit | HDHP minimum deductible | HDHP maximum Out-of- Pocket | HSA 55+ amount of the supplementary contribution | |
| Single | $ 3,400 | $ 1,300 | $ 6,550 | $ 1,000 |
| family | $ 6,750 | $ 2,0 | $ 13,100 | $ 1,000 |
compared to 2016 HSA contribution limits :.
- HSA contribution limit increased to $ 50 for a single, and remained the same for the family
- the HDHP minimum deductible has not changed.
- HDHP the maximum out-of-pocket amount has remained the same for both single and family.
- the amount of "catch up" for people aged 55 and older has not changed.
HSA contributions for the tax year 2017 may be made until 15 April 2018. If you use an HSA to pay for qualified medical expenses not in 2017, the tax penalty is 20 % of HSA distribution. Funds expended for ineligible purposes are also subject to income tax.
The 2017 HSA guidelines were released April 29, 2016 by the IRS (see Revenue Procedure 2016-28).
Additional Resources for Understanding health plans Account-Based
HSA are just one type of employers and employees accounts based health plans use or reimbursement of expenses medical tax free.
Wondering how HSA compared to other types of accounts such as health reimbursement accounts (HRA), health care reimbursement plans (HRPS) and flexible spending accounts ( RTA)? Here are some additional resources to help:
- Healthcare Reimbursement Arrangement (HRA) - What? [Article]
- HSA vs HRA vs HRP vs FSA Comparison Chart [Free PDF Download]
- Why Account-Based Health Plans (ABHPs) are on the rise [Article]
Conclusion
HSA is a financial account established by a person or family to pay for qualified medical expenses tax free, and save for the future. In 2017, the HSA contribution limit is $ 3,400 for those with single coverage and $ 6.750 for the family.
What questions do you have about health savings accounts or guidelines for 2017? Leave a comment below.
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