How Much Can You Contribute to an HSA in 2019?

If you're considering opening a Health Savings Account (HSA) or already have one, you may be wondering about the contribution limits for 2019. Knowing how much you can contribute to your HSA is crucial for planning your healthcare expenses and maximizing the tax benefits of this savings tool.

In 2019, the maximum annual contribution limit for an HSA depends on whether you have self-only coverage or family coverage. Here are the details:

• For self-only coverage, the maximum contribution limit is $3,500.
• For family coverage, the maximum contribution limit is $7,000.

It's important to note that these limits are for the entire year, including any contributions from both you and your employer. If you're 55 or older, you're allowed to make an additional catch-up contribution of $1,000 on top of the annual limit.

Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. By taking advantage of the maximum contribution limits, you can boost your healthcare savings while reducing your taxable income.

Health Savings Accounts (HSAs) are more than just a savings account; they're a powerful tool to help you financially manage your healthcare expenses while providing you with tax benefits. Understanding how much you can contribute to an HSA in 2019 is crucial. For that year, the IRS set contribution limits at $3,500 for individuals and $7,000 for families, plus an additional $1,000 catch-up contribution for those aged 55 and older.