The United States Treasury Department has released the dollar limits for both Health Savings Accounts (HSAs) and High Deductible Health Plans (HDHPs) for the calendar year 2019. HSAs are tax-exempt savings vehicles funded by individual and/or employer contributions that may be used to pay for qualified medical expenses. To be eligible for an HSA, an individual must be covered by an HDHP and must not be covered by other health insurance that is not an HDHP.
HSAs
For those persons enrolled in individual coverage, the maximum contribution increases to $3,500.00 for calendar year 2019 (a $50 increase from 2018). With respect to family coverage, the maximum contribution increases to $7,000 (a $100 increase from 2018).
The catch-up contribution limit will remain unchanged from previous years. (Catch-up contributions are contributions that individuals age 55 and older are permitted to make until he/she enrolls in Medicare.) Specifically, the catch-up contribution limit remains at $1,000.00.
HDHPs
With respect to HDHPs, the minimum annual deductible for calendar year 2019 remains at $1,350.00 for an individual with self-only coverage, and $2,700.00 for an individual with family coverage.
Finally, the maximum annual out-of-pocket expenses for 2019 in connection with HDHPs increases to $6,750.00 for one with individual coverage (a $100 increase from 2018), and $13,500 for one with family coverage (a $200 increase from 2018).
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