How Much Can I Contribute to My HSA Account in 2019?

One common question that many individuals have regarding their Health Savings Account (HSA) is how much they can contribute to it each year. The contribution limits for HSAs are set by the IRS and can vary depending on whether you have self-only or family coverage. For the year 2019, the contribution limits for HSA accounts are as follows:

• For individuals with self-only coverage, the maximum contribution is $3,500.
• For those with family coverage, the maximum contribution is $7,000.
• Individuals aged 55 or older are allowed an additional catch-up contribution of $1,000.

It's important to be aware of these limits when contributing to your HSA to avoid any penalties for over-contribution. By staying within these limits, you can enjoy the tax advantages that HSAs offer while saving for your healthcare expenses.

Understanding how much you can contribute to your Health Savings Account (HSA) each year is essential for managing your healthcare expenses effectively. For the year 2019, the IRS has set specific contribution limits for HSA accounts. If you are covered by self-only health insurance, you can contribute a maximum of $3,500 to your HSA. For those who have family coverage, the contribution limit increases to $7,000. Additionally, anyone aged 55 or older can take advantage of a catch-up contribution, allowing them to save an extra $1,000. It's crucial to stay within these limits to avoid penalties and maximize the tax benefits that HSAs provide.