What is the maximum amount for HSA in 2019?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. One key question many individuals have is: What is the maximum amount for HSA contributions in 2019?

In 2019, the maximum contribution limit for an individual with self-only coverage under an HSA-eligible high deductible health plan is $3,500. For those with family coverage, the maximum contribution limit is $7,000. Additionally, individuals aged 55 and older can make an additional catch-up contribution of $1,000.

It is important to note that these contribution limits are subject to change each year, so staying informed about the current limits is crucial for making the most of your HSA. By maximizing your contributions, you can benefit from tax advantages and save for future medical expenses.

Health Savings Accounts (HSAs) offer an excellent opportunity for individuals to save money on their healthcare costs while enjoying valuable tax benefits. Understanding the maximum contribution limits is essential to fully leverage this financial tool. In 2019, if you have self-only coverage under an HSA-eligible high deductible health plan, you're allowed to contribute up to $3,500. For those of you who have family coverage, the limit increases to $7,000. Plus, don't forget—if you're 55 or older, you can kick in an extra $1,000 as a catch-up contribution!