How Much to Contribute to HSA in 2019? - Understanding Health Savings Account Contributions

When it comes to contributing to your Health Savings Account (HSA) in 2019, there are specific guidelines and limits you need to keep in mind. An HSA is a tax-advantaged savings account that allows individuals with a high-deductible health plan to save money for medical expenses.

Here's a breakdown of how much you can contribute to your HSA for the tax year 2019:

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

It's essential to understand these contribution limits to maximize the benefits of your HSA. Here are some key points to keep in mind:

• Contributions are tax-deductible, reducing your taxable income.
• HSA funds can be used for qualified medical expenses tax-free.
• Unused funds roll over from year to year, unlike Flexible Spending Accounts (FSAs).
• Employers can also contribute to your HSA, which can help you save even more.

Considering your healthcare needs and budget, it's important to determine the right amount to contribute to your HSA. If you have questions or need assistance, consult with a financial advisor or your HR department.

Contributing to your Health Savings Account (HSA) in 2019 can be a great way to save money for healthcare costs. With contribution limits set at $3,500 for individuals and $7,000 for families, make sure you take full advantage of these opportunities.