What is the amount that can be deposited in an HSA in 2019?

Health Savings Accounts (HSAs) are a valuable tool for saving money on healthcare expenses. For the year 2019, the maximum amount that can be deposited into an HSA is determined by the IRS and is adjusted annually for inflation.

For 2019, the maximum contribution limits are:

• For individuals: $3,500
• For families: $7,000
• Individuals age 55 and older can contribute an additional $1,000 as a catch-up contribution

It is essential to note that these limits are for the total contributions made to an HSA, including any contributions made by the individual, employer, or any other source. Contributions to an HSA are tax-deductible, and the funds can be used tax-free for qualified medical expenses.

Health Savings Accounts (HSAs) offer a unique opportunity to save money for healthcare costs while enjoying significant tax benefits. In 2019, the IRS set the contribution limits, which allow individuals and families to put aside funds for eligible medical expenses.

The contribution limits for 2019 were designed to encourage savings, with individuals able to contribute up to $3,500 and families up to $7,000. Furthermore, individuals aged 55 or older were permitted to make an additional catch-up contribution of $1,000, helping them prepare for healthcare needs as they age.