What is the maximum contribution limit to an HSA in 2019?

If you're considering opening a Health Savings Account (HSA) or already have one, you might be wondering about the maximum contribution you can make in 2019. An HSA is a tax-advantaged account that allows individuals with high-deductible health plans to save money for medical expenses.

In 2019, the maximum contribution limit to an HSA for individuals was set at $3,500, and for families, it was $7,000. Additionally, individuals aged 55 and older could make catch-up contributions of up to $1,000 per year.

Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. It's important to note that contribution limits can change each year, so be sure to check the latest updates from the IRS.

If you're on the fence about setting up a Health Savings Account (HSA) or already managing one, understanding the maximum contribution limits for the year can be essential. In 2019, individuals were allowed to contribute up to $3,500 to their HSAs, and families had a limit of $7,000. Keep in mind, if you’re aged 55 or older, you could take advantage of an additional ‘catch-up’ contribution of $1,000 to bolster your savings.