How Much Money Can Be Deposited into HSA for 2019?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. For the year 2019, there are specific contribution limits set by the IRS on how much money can be deposited into an HSA.

The maximum contribution limit for individuals with self-only coverage in 2019 is $3,500, while for those with family coverage, the limit is $7,000. If you are 55 years or older, you are eligible to contribute an additional $1,000 as a catch-up contribution.

It's important to note that these contribution limits are for the entire year, so if you opened your HSA mid-year, the maximum amount you can contribute will be prorated based on the number of months you were eligible. Additionally, contributions can be made by either you or your employer, or a combination of both, as long as they do not exceed the annual limit.

Health Savings Accounts (HSAs) provide an excellent way to save for healthcare costs while also reaping tax advantages. For the year 2019, the IRS outlined specific contribution limits for HSAs: individuals with self-only coverage can contribute a maximum of $3,500, while those with family coverage can deposit up to $7,000. Importantly, if you are 55 years old or older, you can make an additional catch-up contribution of $1,000 which can significantly enhance your savings during retirement.