How Much Can I Contribute to HSA in 2019?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. One of the common questions people have about HSAs is how much they can contribute in a given year. In 2019, the contribution limits for HSAs are:

• For individuals: $3,500
• For families: $7,000
• Additional catch-up contribution for individuals 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 your HSA up to the maximum limit can help you save more on taxes and build a larger fund for future medical expenses.

Understanding your Health Savings Account (HSA) contribution limits is essential for effective financial planning. In 2019, the IRS set the contribution limits at $3,500 for individuals and $7,000 for families. If you're 55 or older, you can also take advantage of an additional catch-up contribution of $1,000. These limits are updated annually, so it’s wise to stay informed as you aim to maximize your tax benefits while saving for potential medical costs.