How Much Can I Contribute to an HSA in 2019 Plus One?

If you're considering enrolling in a Health Savings Account (HSA) in 2019, you may be wondering how much you can contribute to it. The contribution limits for an HSA in 2019 are set by the IRS, and they offer a tax-advantaged way for individuals and families to save for medical expenses. So, how much can you contribute to an HSA in 2019 plus one?

In 2019, the annual contribution limits for an HSA are:

• Individual: $3,500
• Family: $7,000
• Additional catch-up contribution for individuals 55 and older: $1,000

This means that if you have an individual HSA, you can contribute up to $3,500 for the year, and if you have a family HSA, you can contribute up to $7,000. Individuals aged 55 and older can make an additional catch-up contribution of $1,000, bringing their total contribution limit to $4,500 or $8,000, depending on the type of HSA they have.

If you're planning to take advantage of a Health Savings Account (HSA) in 2019, understanding the contribution limits is essential for making the most of your savings. As set by the IRS, these limits not only allow you to save for medical expenses, but they also come with significant tax advantages.