How Much Can You Put in an HSA in 2019?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while also reducing your taxable income. If you have an HSA or are considering opening one, you might be wondering how much you can contribute to it in 2019.

For individuals with self-only coverage, the maximum contribution limit in 2019 is $3,500. If you have family coverage, you can contribute up to $7,000 to your HSA for the year. These limits are set by the IRS and may be adjusted annually for inflation.

It's important to note that if you are 55 or older, you can contribute an additional $1,000 as a catch-up contribution to your HSA, regardless of whether you have self-only or family coverage.

Contributions to an HSA are tax-deductible, and any interest or earnings on the account are tax-free. Plus, the money in your HSA rolls over from year to year, so you never have to worry about losing it if you don't use it all in one year.

Using an HSA can help you cover out-of-pocket medical expenses, such as deductibles, copayments, and prescription costs. It's a smart way to save for healthcare expenses while also saving on taxes.

Health Savings Accounts (HSAs) are an efficient way to save for medical expenses while also providing tax advantages. As you plan your financial strategy, understanding the contribution limits for 2019 can empower you to maximize your savings potential.