How Much Money Can I Put in a HSA in 2019?

If you are considering opening a Health Savings Account (HSA) in 2019, one of the common questions you might have is about the contribution limits. Understanding how much money you can put into an HSA can help you plan your healthcare expenses and tax savings effectively.

For the year 2019, the annual contribution limits for an HSA are:

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

Moreover, if you are over the age of 55, you can contribute an additional $1,000 as a catch-up contribution.

It's important to note that HSA contributions can be made by you, your employer, or both combined. The total contribution should not exceed the annual limits mentioned above.

Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. This makes HSAs a valuable tool for saving on healthcare costs.

Wondering how much you can contribute to your Health Savings Account (HSA) in 2019? It's crucial to know the contribution limits to maximize your savings for medical expenses.

For the 2019 tax year, individuals can contribute up to $3,500 if they have individual health coverage, and families can contribute $7,000 if they are covered by a family plan.

If you are aged 55 or older, don't forget about the additional $1,000 catch-up contribution, which allows you to save even more for your health needs.

Remember, whether you make contributions, your employer does, or both, the total amount must stay within these annual limits to avoid penalties.

HSAs offer a triple tax advantage: contributions are tax-deductible, the money grows tax-free, and withdrawals for qualified medical expenses are also tax-free—what's not to love?