What is the Maximum to Contribute to HSA for 2019?

Health Savings Accounts (HSAs) are a valuable tool for individuals looking to save for future medical expenses while also enjoying tax benefits. One common question that arises regarding HSAs is, what is the maximum amount one can contribute to an HSA for the year 2019?

For the year 2019, an individual with self-only coverage under a High Deductible Health Plan (HDHP) can contribute up to $3,500 to their HSA. If you have family coverage under an HDHP, the maximum contribution limit for 2019 is $7,000.

It's important to note that these contribution limits are set by the IRS and are subject to change on an annual basis. Contributions made to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses.

Benefits of Contributing to an HSA:

• Tax-deductible contributions
• Tax-free growth
• Tax-free withdrawals for medical expenses

By taking advantage of an HSA, individuals can better prepare for healthcare costs in the future while also enjoying tax advantages. If you have an HSA, make sure to stay informed about the contribution limits and rules to maximize the benefits it offers.

Understanding Health Savings Accounts (HSAs) can be a game-changer for managing your healthcare expenses. For 2019, if you have self-only coverage under a High Deductible Health Plan (HDHP), the IRS allows you to contribute up to $3,500 to your HSA. On the other hand, families with coverage under an HDHP can contribute a maximum of $7,000 this year.