How much money can you contribute to a HSA in 2019?

If you're considering opening or contributing to a Health Savings Account (HSA) in 2019, it's essential to know the maximum contribution limits for the year. An HSA is a tax-advantaged account that individuals with a high-deductible health plan can use to save for medical expenses.

For 2019, the IRS has set the maximum contribution limits for HSAs as follows:

• Individuals: $3,500
• Family coverage: $7,000
• Additional catch-up contribution for individuals aged 55 and older: $1,000

It's important to note that these contribution limits include both your contributions and any contributions made by your employer. If you have a family coverage HSA, you can contribute up to the family coverage limit, even if only one person in the family is on the high-deductible health plan.

Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. Any unused funds roll over from year to year, making an HSA a valuable tool for saving for future healthcare costs.

If you're looking to maximize your healthcare savings in 2019, understanding the contribution limits for your Health Savings Account (HSA) is crucial. An HSA allows you to set aside pre-tax money for medical expenses, making it a smart choice if you have a high-deductible health plan.