How to Set Up HSA Limits 2019: Your Ultimate Guide

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Check HSA eligibility and tax rules

Setting up a Health Savings Account (HSA) can be a smart financial move as it allows you to save for medical expenses tax-free. If you're looking to understand the HSA contribution limits for 2019, here is your ultimate guide on setting up HSA limits:

1. Check HSA Eligibility:

• Must be enrolled in a High Deductible Health Plan (HDHP)
• Cannot be claimed as a dependent on someone else's tax return

Determine 2019 contribution limits and catch-up

2. Determine Contribution Limits:

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

Open account, automate, and track expenses

3. Open an HSA Account:

• Choose a financial institution that offers HSA accounts
• Fill out the necessary paperwork to open the account

4. Set Up Automatic Contributions:

• Consider setting up automatic contributions from your paycheck to maximize your savings
• Contribution limits are pro-rated based on the months you were eligible for an HSA

5. Keep Track of Your Expenses:

• Save all medical receipts and documentation for tax purposes
• Use your HSA funds for qualified medical expenses to avoid taxes and penalties

Setting up HSA limits for 2019 can help you save for future healthcare costs while enjoying tax advantages. By following these steps, you can make the most of your HSA and secure your financial health.

Setting up a Health Savings Account (HSA) is an excellent way to save for healthcare costs while allowing your savings to grow tax-free. Remember, to qualify, you must be enrolled in a High Deductible Health Plan (HDHP). This means understanding your health insurance options is key!