What is the Maximum Contribution to HSA for 2019?

Are you curious about the maximum contribution limit to your Health Savings Account (HSA) for the year 2019? Let's delve into some essential details to help you understand the limits and benefits of contributing to your HSA.

For the tax year 2019, the maximum contribution limit set by the IRS for individuals with self-only coverage is $3,500. If you have family coverage, the maximum contribution limit is $7,000. These limits apply regardless of when you opened your HSA during the year.

It's important to note that individuals who are 55 years or older by the end of the tax year may contribute an additional $1,000 as a catch-up contribution. This means that if you fall into this category, the maximum contribution limit for self-only coverage would be $4,500, and for family coverage, it would be $8,000.

Contributing to your HSA not only helps you save for future medical expenses but also provides tax benefits. The contributions you make are tax-deductible, and the funds in your HSA grow tax-free. Additionally, withdrawals for qualified medical expenses are also tax-free.

In 2019, the maximum contribution limit for your Health Savings Account (HSA) was essential for budgeting your healthcare expenses effectively. If you were an individual with self-only coverage, you could contribute up to $3,500, while those with family coverage had a threshold of $7,000, allowing you to set aside substantial funds for future medical needs.