HSA Contribution Limit 2019: How Much Can I Contribute to My HSA?

Are you wondering how much you can contribute to your HSA in 2019? HSA, or Health Savings Account, is a tax-advantaged savings account specifically for medical expenses. It offers great benefits such as pre-tax contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.

For 2019, the contribution limits for HSAs are:

• Individual Coverage: $3,500
• Family Coverage: $7,000

Additionally, individuals aged 55 and older can make an extra 'catch-up' contribution of $1,000 per year, which means they can contribute up to $4,500 for individual coverage and $8,000 for family coverage.

It's important to keep in mind that these contribution limits include both your contributions and any contributions made by your employer. If you contribute more than the limit, you may face taxes and penalties. Be sure to monitor your contributions throughout the year to avoid exceeding the limits.

Maximizing your HSA contributions can help you save for future medical expenses, build a health care nest egg, and enjoy the tax benefits that come with an HSA. Take advantage of this valuable savings tool to secure your financial health.

Could you be maximizing your Health Savings Account (HSA) contributions for 2019? This account allows you to set aside money for medical expenses with remarkable tax advantages such as no taxes on contributions, growth, or withdrawals for qualifying medical costs.