How Much Money Can I Put in My HSA for 2019?

When it comes to contributing to your Health Savings Account (HSA) for 2019, there are yearly limits set by the IRS that you need to be aware of. For individuals with self-only coverage, the maximum contribution limit is $3,500. If you have family coverage under your HSA, the limit is $7,000. If you are 55 or older, you are allowed an additional catch-up contribution of $1,000.

It is important to note that these limits are for the entire year, so contributions made by both you and your employer count towards the annual limit. If you exceed these limits, you may be subject to penalties. However, the good news is that any unused funds in your HSA roll over year after year, unlike Flexible Spending Accounts (FSAs).

When it comes to contributing to your Health Savings Account (HSA) for 2019, it’s important to recognize the limits set forth by the IRS. For those with self-only coverage, the cap for contributions is $3,500, while families can contribute up to $7,000. If you’re 55 or older, you can also take advantage of a catch-up contribution of an extra $1,000, making it even easier to save for healthcare costs later in life.