What is the HSA Catch Up Contribution for 2019?

If you're looking to save more for your healthcare expenses but haven't contributed as much as you'd like to your Health Savings Account (HSA), you may be wondering about catch-up contributions. For 2019, the HSA catch-up contribution allows individuals aged 55 or older to set aside additional funds beyond the regular contribution limit.

The HSA catch-up contribution for 2019 is $1,000. This means that if you are 55 years of age or older, you can contribute up to $1,000 more to your HSA compared to younger individuals, in addition to the regular contribution limit.

Why consider making catch-up contributions to your HSA? It's a smart way to boost your savings for healthcare costs, especially as you approach retirement age and may anticipate higher medical expenses. Plus, contributions to your HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses.

Keep in mind that the deadline for making HSA contributions for the tax year 2019 is typically April 15, 2020. By taking advantage of the catch-up contribution option, you can maximize your HSA savings and enjoy the tax benefits it offers.

If you're a bit behind on your Health Savings Account (HSA) contributions, there's great news! Individuals aged 55 and older have the option to make extra contributions in 2019, thanks to the HSA catch-up contribution. This allows you to set aside an additional $1,000 beyond the standard contribution limits, giving you a big boost for your future healthcare costs.