What is the Maximum You Can Contribute to an HSA in 2019?

Health Savings Accounts (HSAs) have become a popular way for individuals to save money for medical expenses while also enjoying tax benefits. A common question that arises among HSA account holders is, 'what is the maximum you can contribute to an HSA in 2019?'

As of 2019, the maximum annual contribution limit for an HSA is $3,500 for individuals and $7,000 for families. Additionally, individuals who are 55 or older are eligible to make an extra 'catch-up' contribution of $1,000, bringing their total contribution limit to $4,500 for individuals and $8,000 for families. These contribution limits are set by the IRS and are subject to change each year.

It's important to keep in mind that contributions to an HSA are tax-deductible, meaning that the money you contribute to your HSA is subtracted from your taxable income, resulting in potential tax savings. The funds in an HSA can be used to pay for qualified medical expenses such as doctor's visits, prescription medications, and even some over-the-counter items.

Health Savings Accounts (HSAs) serve as a vital financial tool, allowing individuals to set aside pre-tax dollars for future medical expenses, with the 2019 contribution limits standing at $3,500 for individuals and $7,000 for families.