Who Can Contribute to an HSA in 2019?

When it comes to contributing to a Health Savings Account (HSA) in 2019, there are certain eligibility requirements that individuals need to meet. An HSA is a tax-advantaged savings account that is linked to a high-deductible health plan, allowing account holders to save money for medical expenses.

So, who can contribute to an HSA in 2019?

Individuals who meet the following criteria are eligible to contribute to an HSA:

• Must be covered by a High Deductible Health Plan (HDHP) on the first day of the month.
• Cannot be claimed as a dependent on someone else's tax return.
• Must not be enrolled in Medicare.
• Cannot have any other first-dollar medical coverage (with exceptions for certain types of coverage like dental, vision, disability, and long-term care).

For 2019, the contribution limits are set at $3,500 for individuals and $7,000 for families. Those who are 55 or older can make an additional catch-up contribution of $1,000.

Employers, family members, or any other third party can also contribute to an individual's HSA, helping to boost savings and cover medical expenses.

Remember, contributions to an HSA are tax-deductible, grow tax-free, and withdrawals for qualified medical expenses are also tax-free.

In 2019, contributing to a Health Savings Account (HSA) can be a smart move if you meet specific eligibility criteria. An HSA, designed for those with high-deductible health plans, allows you to set aside money tax-free for medical expenses.