What is the 2019 Allowable HSA Contribution Limit?

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2019 HSA contribution limit amounts

If you're wondering about the 2019 allowable HSA contribution limit, you're in the right place! Health Savings Accounts (HSAs) are a tax-advantaged way to save for medical expenses while lowering your taxable income. The contribution limits for HSAs are set by the IRS each year. So, what was the allowable contribution limit for 2019?

In 2019, for individuals with self-only coverage, the maximum HSA contribution limit was $3,500. For those with family coverage, the allowable contribution limit was $7,000. If you were 55 or older, you could contribute an additional $1,000 as a catch-up contribution.

How contributions and limits affect you

Contributions to your HSA can be made by you, your employer, or both. It's essential to monitor your contributions throughout the year to avoid exceeding the limits. Going over the allowable limit can result in tax penalties.

Triple tax advantages and restatement

HSAs offer a triple tax advantage - contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are tax-free. Understanding the contribution limits can help you maximize the benefits of your HSA.

Wondering about the 2019 allowable HSA contribution limit? Don't worry, you're not alone! Health Savings Accounts (HSAs) are fantastic tools for managing your healthcare costs, offering a tax-advantaged way to save for medical expenses. In 2019, the contribution limits set by the IRS were $3,500 for individual self-only coverage and $7,000 for family coverage. Plus, if you were age 55 or older, you could add an extra $1,000 to your contributions as a catch-up!