How Much Can One Person Contribute to a HSA for 2019?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. For the year 2019, the contribution limits for an individual to a HSA are set by the IRS.

For 2019, the maximum contribution limit for an individual to a HSA is $3,500 for those with self-only coverage and $7,000 for those with family coverage. Individuals who are 55 or older can also make catch-up contributions of up to an additional $1,000.

Contributions to an HSA can be made by the account holder, the employer, or both. It's important to note that the total contributions from all sources cannot exceed the maximum limit set by the IRS.

Having a HSA can help you save money on healthcare costs and prepare for future medical expenses. It offers a triple tax advantage - contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are tax-free.

Health Savings Accounts (HSAs) provide a fantastic avenue for individuals to save towards medical expenses while taking advantage of considerable tax benefits. In 2019, the IRS established contribution limits that are crucial for those planning their savings. If you have self-only health coverage, the maximum you can contribute is $3,500. However, if you opted for family coverage, this amount doubles to $7,000.