What's the Max Amount You Can Contribute to an HSA in 2019?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. If you have an HSA or are thinking of opening one, you might be wondering about the maximum amount you can contribute in 2019.

For individuals, the maximum HSA contribution limit for 2019 is $3,500. If you have a family HSA plan, the maximum contribution limit is $7,000. Additionally, individuals aged 55 and older can make an extra catch-up contribution of $1,000 per year.

It's important to note that these contribution limits are for the entire year, so if you contribute the maximum amount, you won't be able to add more until the next calendar year. However, the money in your HSA rolls over year after year, and you can continue to use it for qualified medical expenses.

Contributing to an HSA not only helps you save for healthcare costs but also provides tax advantages. Your contributions are tax-deductible, the money grows tax-free, and withdrawals for qualified medical expenses are also tax-free.

Make sure to check with your HSA provider or financial advisor to confirm the most up-to-date contribution limits and any changes that may have occurred since 2019.

If you're considering using a Health Savings Account (HSA), it's essential to know the contribution limits for 2019. For individuals, the cap is $3,500, while families can contribute up to $7,000. Plus, don’t forget about the extra $1,000 in catch-up contributions for those over 55!