How Much Money Can We Put in HSA Account for 2019?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. For the year 2019, the maximum contribution limits set by the IRS for an HSA account for individuals and families are:

• Individuals: $3,500
• Families: $7,000

These contribution limits account for both your own contributions and any contributions made by your employer. If you are 55 years or older, you are eligible to make an additional catch-up contribution of $1,000 per year.

It's essential to be aware of these limits, as contributing more than the allowed amount can incur penalties. However, any unused funds in your HSA account can roll over from year to year, allowing you to accumulate savings for future medical expenses.

Health Savings Accounts (HSAs) are wonderful tools that not only allow you to save for medical expenses but also provide significant tax advantages. For the year 2019, the IRS set the maximum contribution limits for HSAs, making it important to plan your contributions wisely. A single individual can contribute up to $3,500, while families can save up to $7,000 in their HSA accounts. Remember, these amounts include contributions from both yourself and your employer.