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

Health Savings Accounts (HSAs) are a valuable tool for saving money on medical expenses while also enjoying tax benefits. One common question people have is, 'How much money can I put into my HSA in 2019?'.

In 2019, the Internal Revenue Service (IRS) has set the maximum contribution limits for HSAs as follows:

• Individual Coverage: $3,500
• Family Coverage: $7,000
• Individuals aged 55 and older can make an additional 'catch-up' contribution of $1,000

It's important to note that these limits are for the total contributions made by both you and your employer. If you exceed these limits, you may face tax penalties.

Contributions to your HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. This makes HSAs a powerful tool for managing healthcare costs.

Health Savings Accounts (HSAs) are an incredible financial resource that allows you to save on medical expenses while benefiting from tax advantages. Understanding the contribution limits for HSAs can help you leverage this tool effectively.

For the year 2019, the HSA contribution limits are set by the Internal Revenue Service (IRS) as follows:

• For those with Individual Coverage, the limit is $3,500.
• For those with Family Coverage, you can contribute up to $7,000.
• Additionally, if you're aged 55 or older, you're eligible to make an extra 'catch-up' contribution of $1,000.

Remember, these contribution limits include both your personal contributions and those made by your employer. Exceeding these limits can lead to tax penalties that you’ll want to avoid.

It's also worth noting that contributions made to your HSA are tax-deductible, your funds grow tax-free, and withdrawals for qualified medical expenses are also tax-free! This triad of tax benefits makes HSAs a vital component in managing healthcare expenses.