What is the maximum contribution limit to HSA in 2019?

When it comes to saving for healthcare expenses, a Health Savings Account (HSA) can be a smart option. It allows you to set aside pre-tax money for medical costs, providing a triple tax benefit. One key aspect to consider with an HSA is the maximum contribution limit that you can make each year.

In 2019, the maximum contribution limit to an HSA depends on whether you have self-only coverage or family coverage:

• For self-only coverage, the maximum contribution limit is $3,500.
• For family coverage, the maximum contribution limit is $7,000.

Additionally, if you are 55 or older, you are allowed to make an additional catch-up contribution of $1,000 to your HSA. This means that individuals in that age group can contribute up to $4,500 for self-only coverage or $8,000 for family coverage in 2019.

It's important to note that these contribution limits may change annually, so it's essential to stay informed about any updates or adjustments.

Considering how healthcare costs can stack up, a Health Savings Account (HSA) is a fantastic way to save money for medical expenses while enjoying tax benefits. It's essential to know the maximum contribution limits for HSA in 2019, which can help you maximize your savings!

In 2019, your contribution limits vary depending on your coverage. Here’s the breakdown:

• If you're covered by a self-only plan, you can contribute up to $3,500.
• For those with family coverage, the limit increases to $7,000.

Additionally, there's good news for those aged 55 and older! You can make a catch-up contribution of an extra $1,000. This means you could contribute as much as $4,500 for self-only and a whopping $8,000 for family coverage in 2019.

Remember, contribution limits can change from year to year, so it's important to stay updated to make the most out of your HSA.