What is the max HSA contribution for 2019?

Health Savings Accounts (HSAs) are a valuable tool to save for medical expenses while enjoying tax benefits. One of the key aspects of an HSA is the contribution limit set by the IRS each year. For the year 2019, the maximum HSA contribution is $3,500 for individuals and $7,000 for families.

Contributions to an HSA can be made by you, your employer, or both, but it's essential to ensure that the total contributions do not exceed the annual maximum. Excess contributions can incur penalties, so it's crucial to stay within the allowed limits.

Here are some key points to remember about HSA contributions for 2019:

• The maximum HSA contribution for individuals is $3,500.
• For families, the maximum HSA contribution is $7,000.
• Individuals aged 55 and older can make an additional catch-up contribution of $1,000.
• Contributions can come from you, your employer, or both, but the total must not exceed the annual limit.
• Excess contributions can result in penalties, so it's important to monitor your contributions.

Health Savings Accounts (HSAs) provide a robust opportunity for individuals and families to save for healthcare costs while reaping significant tax benefits. For 2019, the IRS has set clear contribution limits: individuals can contribute a maximum of $3,500, while families can save up to $7,000.