UPDATE…..The IRS has re-released the 2019 cost-of-living adjusted amounts for Health Savings Accounts (HSAs). To be eligible to continue to an HSA, an individual must be covered under a high deductible health plan (HDHP) and meet certain other eligibility requirements.
2019 Annual Contribution Limitation
For calendar year 2019, the annual limitation on HSA deductions for an individual with self-only coverage under a HDHP is $3,500. The annual limitation on HSA deductions for an individual with family coverage under an HDHP is $7,000.
**Catch-up contributions of $1,000 can be made during the year by HSA-eligible participants who will turn 55 by year-end.
What is an High Deductible Health Plan (HDHP)?
For calendar year 2019, a “high deductible health plan” is defined as a health plan with an annual deductible that is not less than $1,350 for self-only coverage or $2,700 for family coverage, and the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,750 for self-only coverage or $13,500 for family coverage.
Click here for a comparison of 2019 and 2018 limits. Contribution and Out of Pocket HSA 2019 Rel 5-10-18