How Much Can I Contribute to a HSA in 2019?

When it comes to contributing to a Health Savings Account (HSA) in 2019, there are specific limits set by the IRS that you should be aware of. HSAs are a tax-advantaged way for individuals and families to save money for medical expenses. These accounts offer a triple tax benefit as contributions are tax-deductible, grow tax-free, and withdrawals for qualified medical expenses are also tax-free.

In 2019, the maximum annual contribution limits for HSAs are:

• $3,500 for individuals
• $7,000 for families
• Individuals aged 55 and older can make an additional catch-up contribution of $1,000

It's important to note that these contributions can be made by you, your employer, or both, as long as they do not exceed the annual limits set by the IRS. If you have an HSA-eligible high-deductible health plan, you are eligible to contribute to an HSA. Contributions can be made throughout the year, and any unused funds roll over from year to year.

Contributing to an HSA can help you save for current and future medical expenses while reducing your taxable income. Make sure to take advantage of these tax benefits and contribute to your HSA accordingly within the IRS limits.

Understanding how much you can contribute to your Health Savings Account (HSA) is essential in 2019. HSAs not only help you save for medical expenses but also come with amazing tax advantages that can significantly benefit your financial situation.