How Much Can You Put in an HSA in 2019 for an Individual?

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2019 HSA contribution limits for individuals

If you have a Health Savings Account (HSA), you may be wondering how much you can contribute in 2019 as an individual. Contributing to an HSA is a great way to save for medical expenses and reduce your taxable income. For 2019, the maximum amount you can contribute to an HSA as an individual is $3,500.

If you’re fortunate enough to have a Health Savings Account (HSA), understanding the contribution limits for 2019 is essential. For individuals, the cap is set at $3,500, enabling you to not only save for medical expenses but also lower your taxable income.

Catch-up contributions and IRS-setting

However, if you are age 55 or older, you are eligible to make an additional catch-up contribution of $1,000, bringing your total contribution limit to $4,500 for the year. It's important to note that these contribution limits are set by the IRS and may be subject to change in the future based on inflation adjustments.

Tax deduction and qualified medical uses

Contributions to your HSA are tax-deductible, meaning you can lower your taxable income by the amount you contribute. The funds in your HSA can be used to pay for qualified medical expenses, such as doctor visits, prescriptions, and dental care. Plus, any unused funds in your HSA can roll over from year to year, making it a flexible and long-term savings tool.