How Much Should I Put in My HSA for 2019?

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Estimate expenses and match contribution goals

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.

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.

Understand 2019 contribution limits and catch-up

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.

Budget, cash flow, and rollover considerations

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.

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.