Deductible Limits and Other Requirements for Health Savings Accounts
“Under the Sea-vings!” So, Little Mermaid, you want to contribute to a Health Savings Account (HSA) like humans. Why don’t you speak up, Ariel? Oh snapper! Does Ursula still have your voice? Girl, you know you can’t do business with an Octocrook! In fact, your vocal contract won’t be finished until 2019! What the halibut! Well, don’t flounder around; you’ll need to know what the health savings account (HSA) limits are for that year, if you want to save on merdical costs. .
We, at Achieve Financial Group, are going to meet you at the nearest sushi bar. If you bring your crabby friend, Sebastian, we’ll tell you both how to qualify to contribute to a health savings account (HSA) in 2019. That’s the best way to keep more salmoney:
- You must have a health insurance policy with a deductible of at least $1,350 for single coverage or $2,700 for family coverage (the same requirement as in 2018).
- You can contribute up to $3,500 to an HSA if you have single coverage or up to $7,000 for family coverage in 2019
- If you’re 55 or older anytime in 2019, you’ll continue to be able to contribute an extra $1,000
- Any amount your employer puts into your HSA counts toward the contribution maximum
- You cannot contribute to an HSA after you enroll in Medicare
- The deductible must be applied to all in-network covered benefits, including prescription drugs, with the exception of preventive care
- The plan must also have an annual limit on out-of-pocket expenses that doesn’t exceed more than $6,750 for single coverage in 2019, or $13,500 for family coverage
Okay, Ariel, you may have to clam up for now, but you don’t have to be an ordinary cartuna. You can be a superstarfish in the ocean with everything you learned about Health Savings Account (HSA) contribution limits for 2019. Just build up your strength and exercise your financial mussels.