What is the Maximum Contribution to HSA in 2019?

Health Savings Accounts (HSAs) are a valuable way to save for medical expenses while reducing your taxable income. For the year 2019, the maximum contribution limit to an HSA depends on whether you have self-only or family coverage under a high-deductible health plan. These limits are set by the IRS and can change annually to adjust for inflation. The maximum contribution amounts are:

• Self-only coverage: $3,500
• Family coverage: $7,000

It's important to note that individuals aged 55 and older can make additional 'catch-up' contributions of up to $1,000 per year.

Contributions to an HSA can be made by you, your employer, or both, but the total contributions cannot exceed the annual limits set by the IRS. Unused funds in your HSA roll over from year to year, making it a tax-advantaged way to save for future medical expenses.

Health Savings Accounts (HSAs) are a smart solution for individuals looking to efficiently save for healthcare costs while enjoying tax benefits. In 2019, individuals with self-only coverage could contribute a maximum of $3,500 to their HSA, while those with family coverage could set aside up to $7,000. Remember, if you're aged 55 or older, you have the advantage of making an extra 'catch-up' contribution of $1,000. This allows you to bolster your savings for medical expenses that may arise in the future.