HSA Contribution Limits for 2019: How Much Can You Contribute?

Health Savings Accounts (HSAs) are a valuable tool for saving money on medical expenses while also reducing your taxable income. It's important to know the contribution limits for 2019 to maximize the benefits of your HSA.

For 2019, the HSA contribution limits are:

• Individuals: $3,500
• Family: $7,000
• Catch-up contributions (age 55 and older): $1,000

These limits are set by the IRS and are subject to change each year based on inflation adjustments. It's essential to stay informed about any updates to ensure you are contributing the maximum amount allowed.

Contributing to your HSA up to the limit can help you cover out-of-pocket medical expenses, save for future healthcare costs, and take advantage of the tax benefits offered by HSAs.

Health Savings Accounts (HSAs) have become increasingly popular due to their ability to help individuals and families save on medical expenses while simultaneously reducing their taxable income. Knowing the contribution limits for 2019 is crucial to making the most of this tax-advantaged account.

In 2019, the IRS set the HSA contribution limits as follows:

• For individuals, the limit stands at $3,500.
• For families, you can contribute up to $7,000.
• If you are age 55 or older, you are entitled to make an additional catch-up contribution of $1,000.

These limits may vary each year due to inflation adjustments, so it's wise to keep track of any changes to ensure you are maximizing your contributions each year. By contributing the maximum allowed to your HSA, you not only safeguard yourself against unexpected medical expenses now but also build savings that can be utilized in the future.