How Much Can I Put in a HSA for 2019?

Thinking about maximizing your HSA contributions for 2019 but not sure how much you can contribute? Let's dive into the details!

For the year 2019, the annual contribution limits for a Health Savings Account (HSA) are as follows:

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

Additionally, for those aged 55 and older, an extra catch-up contribution of $1,000 is allowed, making the limits:

• Individual coverage with catch-up: $4,500
• Family coverage with catch-up: $8,000

It's important to note that these limits include both employee and employer contributions combined. Contributions made by employers are generally excluded from employee income for tax purposes.

Maximizing your HSA contributions can provide significant tax benefits and help you save for healthcare expenses in a tax-advantaged way. Be sure to consult with a financial advisor or tax professional to understand your specific situation better.

Wondering how to make the most out of your Health Savings Account (HSA) contributions for 2019? You're in the right place! Let's explore the contribution limits and some tips on maximizing your benefits.

For 2019, the contribution limits set are quite generous:

• If you have individual coverage, you can contribute up to $3,500.
• For family coverage, the limit increases to $7,000.

Are you 55 or older? Lucky you! You can make an additional catch-up contribution of $1,000, resulting in:

• Individual coverage with catch-up: $4,500
• Family coverage with catch-up: $8,000

Remember, these totals include combined contributions from both you and your employer, and employer contributions are tax-exempt!

Contributing the maximum can lead to substantial tax savings and helps ensure you're ready for any healthcare expenses that may arise. It's always a good idea to discuss your personal financial situation with a tax professional to tailor an approach that works best for you.