Understanding HSA 2019 Contribution Limits

For the year 2019, Health Savings Accounts (HSAs) offer individuals a great way to save for medical expenses while receiving tax benefits. The contribution limits for HSAs in 2019 have slightly increased from the previous year, giving individuals the opportunity to save even more for their healthcare needs.

The IRS sets the maximum amount that individuals can contribute to their HSA each year. For 2019, the contribution limits for HSAs are $3,500 for individuals with self-only coverage and $7,000 for those with family coverage. Additionally, individuals who are 55 years or older are eligible to make catch-up contributions of an extra $1,000 per year.

It's important to note that these contribution limits include both employee and employer contributions combined. If you have an HSA through your employer, be sure to check with your HR department to understand how your contributions are being made and to ensure you are not exceeding the maximum allowed.

In 2019, Health Savings Accounts (HSAs) are a powerful tool for managing your healthcare expenses, offering not only a tax shelter for your savings but also flexibility in how you use those funds. With an increased contribution limit, individuals can now contribute $3,500 for self-only coverage and $7,000 for family coverage, enabling them to build a more substantial healthcare fund for unexpected expenses.