What is the 2019 HSA Family Contribution Limit?

When it comes to HSA (Health Savings Account), understanding the annual contribution limits is crucial for maximizing the benefits of this tax-advantaged account. For the year 2019, the HSA family contribution limit is set at $7,000.

Here are some key points to keep in mind regarding HSA family contribution limits for 2019:

• The HSA family contribution limit applies to families who are enrolled in a high-deductible health plan (HDHP) and wish to contribute to a single HSA account.
• For families with more than one HSA account, the total combined contributions cannot exceed the designated family limit.
• Individuals aged 55 and older are eligible for an additional catch-up contribution of $1,000, allowing them to contribute up to $8,000 for the year 2019.
• Contributions made to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses.

It's important to stay informed about the current contribution limits to make the most of your HSA benefits and save for future healthcare costs.

Understanding HSA (Health Savings Account) contribution limits is vital for families looking to maximize their savings. In 2019, the family contribution limit is $7,000, which is essential for those enrolled in a high-deductible health plan (HDHP).