How much is HSA contribution for 2019?

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2019 HSA contribution limits by coverage

If you are considering opening a Health Savings Account (HSA) or already have one, you may be wondering about the contribution limits for 2019. The Internal Revenue Service (IRS) sets the guidelines for HSA contributions each year, taking into account individual and family plans. So, how much can you contribute to your HSA in 2019?

For the year 2019, the maximum contribution limits for HSAs are:

• Individual coverage: $3,500
• Family coverage: $7,000

Catch-up amount and contribution details

It's important to note that these limits include both your contributions and any contributions made by your employer. If you are 55 years or older, you are allowed to make an additional catch-up contribution of $1,000.

Tax benefits and guidance on limits

Contributions to your HSA are tax-deductible, meaning you can lower your taxable income by contributing to your account. Additionally, any interest or earnings on your HSA funds are tax-free as long as they are used for qualified medical expenses.

By contributing to your HSA, you can save for current and future medical expenses while enjoying tax benefits. Be sure to stay informed about any changes in contribution limits for the upcoming years to maximize the benefits of your HSA.

Example restating 2019 maximums

Wondering how much you can contribute to your Health Savings Account (HSA) for the year 2019? The IRS sets specific limits that can help you maximize your savings.

For 2019, if you have individual coverage, the maximum contribution allowed is $3,500, while those with family coverage can contribute up to $7,000!