How Much Money Can I Put Into an HSA Account 2019?

If you're considering opening a Health Savings Account (HSA) in 2019, you might be wondering how much money you can contribute to it. An HSA is a tax-advantaged savings account that allows individuals to save for medical expenses while enjoying certain tax benefits. Let's take a closer look at the contribution limits for an HSA in 2019.

For the year 2019, the maximum contribution limits for an HSA are as follows:

• Individual coverage: $3,500
• Family coverage: $7,000
• Individuals age 55 and older can contribute an additional $1,000 as a catch-up contribution

It's important to note that these contribution limits are set by the IRS and are subject to change each year. If you have a high-deductible health plan (HDHP) and meet the eligibility requirements for an HSA, you can contribute up to these limits to your account.

If you're thinking about opening a Health Savings Account (HSA) in 2019, understanding the contribution limits is crucial for maximizing your savings. An HSA is designed not just for current medical expenses, but also for future healthcare needs, making your contributions even more valuable over time.

For the year 2019, the maximum contribution limits for an HSA are as follows:

• For individuals with self-only coverage, the limit is set at $3,500.
• For those providing coverage for a family, the limit climbs to $7,000.
• If you're age 55 or older, don't forget about the extra $1,000 catch-up contribution, allowing you to save even more!

These contribution limits are determined by the IRS and can change annually, so it's always good to stay updated. Remember, to take advantage of these limits, you must have a qualified high-deductible health plan (HDHP) when contributing to your HSA.