How Much Can You Put Into HSA in 2019?

Health Savings Accounts (HSAs) are a valuable tool for saving money on medical expenses while also reducing taxable income. One common question that many people have is how much they can contribute to their HSA each year.

In 2019, the maximum contribution limits for HSAs are as follows:

• Individual coverage: $3,500
• Family coverage: $7,000
• Additional catch-up contribution for those 55 or older: $1,000

It's important to note that these limits are set by the IRS and can change from year to year. Contributing to an HSA can provide individuals and families with significant tax advantages and help cover a wide range of medical expenses.

Health Savings Accounts (HSAs) are more than just savings vehicles; they are a comprehensive way to manage healthcare costs effectively. Many individuals wonder about their contribution limits each year, which play a vital role in how much they can save tax-free for medical expenses.

In 2019, the maximum contribution limits were set as follows:

• For individual coverage, individuals could contribute up to $3,500.
• Families with family coverage had a higher limit, allowing contributions of up to $7,000.
• If you were 55 or older, you had the opportunity to make an additional catch-up contribution of $1,000, which can significantly enhance your savings!

These IRS limits can change annually, so it’s essential to stay informed. By contributing to your HSA, you not only save money but also enjoy tax benefits that can enhance your overall financial security.