• Denise Hue

Health savings accounts (HSAs) (2019 Update)

In order to contribute to an HSA, you must have a health plan designated as an HSA qualified policy. This type of policy has a minimum deductible for 2019 of $1,350 for self-only coverage and a maximum out-of-pocket cap on co-payments and other amounts of $6,750. These limits are doubled for family coverage ($2,700/$13,500).

The contribution limit for 2019 is $3,500 for self-only coverage and $7,000 for family coverage. Those age 55 or older can add an additional $1,000. Contributions to an HSA are tax deductible as an adjustment to income

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©2020 by Denise Hue.