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Quick Facts About an HSA
How much can I contribute?
The maximum amount you're allowed to contribute to an HSA in 2019 is $3,500 as an individual, or $7,000 as a family. If you are an HSA holder over 55 years old, you can contribute an extra $1,000 annually, so that would be $4,500 as an individual and $8,000 as a family. Minimum annual deductibles for 2019 are $1,350 for individuals or $2,700 as a family to qualify to make contributions to an HSA. Please note that HSA contributions are adjusted annually to reflect the cost of living. If you're wondering how much you should contribute to your HSA, visit our HSA Future Value Calculator.
Who can contribute to an HSA?
If you are enrolled in a qualified High Deductible Health Plan (HDHP) with no other first dollar coverage, you are eligible to contribute to an HSA. Family members or employers can contribute to your FSA, as well. You must ensure that any contributions made do not exceed the annual limit.
What can I use an HSA for?
Everything at HSAstore.com! Additionally, you can use an HSA for various out-of-pocket expenses including those for your dependents, such as co-pays, deductibles, vision exams and dental care. For comprehensive details, visit our HSA Eligibility List. You can also save the money in your HSA for future medical costs.
For more information on HSA basics, check out our explainer: What is a Health Savings Account?