How Much Should I Put in My HSA for 2019?

Planning how much to contribute to your Health Savings Account (HSA) for 2019 is a crucial decision that can impact your financial health. An HSA is a tax-advantaged savings account that you can use to pay for qualified medical expenses. Here are some factors to consider when determining the right amount to put in your HSA:

1. Evaluate Your Expected Medical Expenses:

• Consider your past medical expenses and any upcoming treatments or procedures.
• Factor in your deductible and out-of-pocket maximum on your health insurance plan.

2. Review Your Contribution Limits:

• For 2019, the maximum contribution limits are $3,500 for individuals and $7,000 for families.
• If you are over 55, you can make an additional catch-up contribution of $1,000.

3. Assess Your Financial Situation:

• Take into account your overall budget and cash flow to determine how much you can comfortably contribute.
• Remember that the funds in your HSA roll over from year to year, so any unused amount remains in your account.

4. Consider Your Long-Term Health Needs:

• Think about potential future medical expenses, including retirement healthcare costs.
• HSAs can be a valuable tool for saving for healthcare in retirement.

Ultimately, the amount you put in your HSA should align with your individual healthcare needs and financial goals. It's essential to strike a balance between saving for current medical expenses and planning for the future.

Choosing the right amount to contribute to your Health Savings Account (HSA) for 2019 is a wise step toward securing your financial future and ensuring you’re prepared for any medical expenses that come your way.