How Much Money Can You Put in an HSA for 2019?

If you have a Health Savings Account (HSA), you may be wondering how much money you can contribute to it for the year 2019. An HSA is a valuable tool for saving money on medical expenses and reducing your taxable income. Let's take a closer look at the contribution limits for HSAs in 2019.

For 2019, the maximum annual contribution limit for an individual with self-only coverage is $3,500. If you have family coverage under an HSA-eligible high deductible health plan, the maximum annual contribution limit is $7,000. It's important to note that these limits include both your personal contributions and any contributions made by your employer.

Additionally, if you are age 55 or older, you are eligible to make an additional catch-up contribution of up to $1,000 per year. This means that individuals with self-only coverage and over the age of 55 can contribute a maximum of $4,500, while those with family coverage and in the same age group can contribute up to $8,000.

It's essential to stay informed about the contribution limits for your HSA, as exceeding these limits can result in tax penalties. If you have any questions about your contribution limits or how to make the most of your HSA, be sure to consult with a financial advisor or tax professional.

Understanding how much you can contribute to your Health Savings Account (HSA) is crucial for maximizing its benefits. For 2019, the contribution limit is set at $3,500 for individuals and $7,000 for families, making it a strategic tool for healthcare savings and tax management.