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

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2019 HSA contribution limits by coverage

Are you considering opening an HSA (Health Savings Account) in 2019 and wondering how much you can contribute to it? You've come to the right place! An HSA is a tax-advantaged savings account that allows individuals to save for medical expenses. It's essential to know the contribution limits so you can maximize the benefits of your HSA.

For the year 2019, the maximum annual contribution limit for an HSA depends on whether you have self-only or family coverage:

• Self-only coverage: $3,500
• Family coverage: $7,000

Tax benefits and staying updated

It's important to note that these limits are subject to change, so always check for updates from the IRS or your HSA provider. Additionally, if you are 55 years or older, you can make an additional catch-up contribution of $1,000 per year.

Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. By maximizing your contributions to your HSA, you can enjoy significant savings on healthcare costs while building a nest egg for future medical needs.

If you're planning to contribute to your HSA in 2019, it's beneficial to know that the IRS updates contribution limits annually to keep pace with inflation. This means your savings potential could increase from year to year, so be sure to stay updated!