Are HSA Contributions Allowed for 2019?

If you are wondering if HSA contributions are allowed for 2019, the answer is yes! Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax advantages.

It's important to understand the contribution limits and eligibility criteria to fully utilize the benefits of an HSA. For 2019, individuals can contribute up to $3,500, while families can contribute up to $7,000. Those aged 55 and older can make an additional catch-up contribution of $1,000.

Contributions to an HSA are tax-deductible, grow tax-free, and withdrawals for qualified medical expenses are also tax-free. This triple tax advantage makes HSAs a valuable tool for managing healthcare costs.

Key Points:

• Contributions to HSAs for 2019 are allowed
• Individuals can contribute up to $3,500 and families up to $7,000
• Additional catch-up contribution of $1,000 for those aged 55 and older
• Triple tax advantage: tax-deductible contributions, tax-free growth, and tax-free withdrawals for medical expenses

Excited about your Health Savings Account (HSA) contributions for 2019? You should be! HSAs are not only a terrific way to save for unexpected medical expenses, but they also provide significant tax benefits that can help you manage your healthcare costs more effectively.