How Much Can You Contribute to Hsa 2019
The 100+ person squad (kidding?) at the IRS has cranked their magic number machine and released their 2022 HSA limits and definitions. This includes the 2022 HSA Contribution Limits as well every bit the 2022 HDHP Definitions for Minimum Annual Deductible and Out of Pocket Maximum. These amounts govern 1) how much can be contributed to an HSA and 2) what qualified as an HSA for 2019. Overall, they have done a good job and it will be a good year for HSA savers as well every bit new people looking to establish an HSA for the start fourth dimension.
2022 is a strong year for HSA'southward in general. Both the self-only and family contribution limits increased, and the HDHP definition has widened, making more people eligible.
2019 HSA Contribution Limits
Get-go, the good news on what you tin can contribute. If y'all have an HDHP and have opened a Health Savings Account, below are the contribution limits for cocky-only and family coverage for 2019:
| 2015 | 2016 | 2017 | 2018 | 2019 | |
| Self-Just HSA Contribution Limit | $3,350 | $3,350 | $iii,400 | $three,450 | $iii,500 |
| Family unit HSA Contribution Limit | $half dozen,650 | $6,750 | $half dozen,750 | $6,900* | $7,000 |
| 55+ Additional Contribution Limit | +$1,000 | +$i,000 | +$ane,000 | +$one,000 | +$1,000 |
*Annotation: the IRS reduced so restated the 2022 Family unit Contribution limit to $half dozen,900.
2019 is some other good yr for HSA contribution limit increases. Cocky-only HSA's take increased their contribution limit by $50 over 2018, which history shows is almost as skillful equally information technology gets. In addition, the family unit HSA contribution limit has increased by $100 over 2018. These are solid increases especially compared to the lean years of 2022 and 2017. It seems the IRS is giving the taxpayers a (small-scale) break since these contribution limits make up one's mind the deduction your HSA allows. This marks the 2nd twelvemonth where nosotros take strong increases in both the cocky-merely and family contribution limits. This may be a trend and nosotros hope it continues, since it improves the population'southward power to manage their care in an environment of insane health care costs.
At present, if nosotros could but do something most that grab upwards contribution! The 55+ catch upwardly contribution has been stuck at an additional $1,000 for what seems similar forever…
2019 HDHP Limits
Below are the 2022 HDHP deductible limits as well as out of pocket maximums that determine whether or not your program is an High Deductible Health Plan, and thus, whether or not you can contribute to a Health Savings Account:
| 2015 | 2016 | 2017 | 2018 | 2019 | |
| Self-Only Min Deductible | $i,300 | $1,300 | $i,300 | $1,350 | $i,350 |
| Self-Only OOP Max | $6,450 | $6,550 | $6,550 | $6,650 | $half dozen,750 |
| Family unit Min Deductible | $2,600 | $2,600 | $2,600 | $2,700 | $2,700 |
| Family OOP max | $12,900 | $13,100 | $13,100 | $13,300 | $13,500 |
Overall, HSA coverage is easier to obtain after the IRS changes in 2019. This is truthful for ii reasons. First, the IRS has kept constant the minimum annual deductible for both self-merely and family coverage. This corporeality is the lowest deductible your program tin offering and all the same be HSA eligible. In 2019, a self-only program must have a deductible at or to a higher place $ane,350, while a family plan deductible must be at or above $ii,700. Every bit a upshot, some plans with depression deductibles are ineligible to contribute to an HSA since their annual deductible is too depression. In prior years, the IRS has increased the minimum annual deductible that defined HDHP (and HSA ) plans. By keeping it constant, information technology allows more plans to participate. This is especially true in an environment of rising health care costs.
Second, we see large increases in the out-of-pocket maximum. This is the highest amount your plan can make you lot pay for care in a twelvemonth. The self-merely out-of-pocket max has increased by $100 to $half-dozen,750, while the family out-of-pocket max has increased $200 to $13,500. Anything more and the program is not HSA eligible. This results in more than plans with very loftier deductibles being included in the HDHP definition. It is an open question as to why there needs to be an OOP max at all in the HDHP definition, but either style, an increase in this metric in an environment of rising costs (not just rising premium, but decreasing coverage) is positive. This site maintains that the more HSA'due south opened, the meliorate.
2019 HSA Wish listing / Forecast / Political Outlook
With Christmas around the corner, here is our 2022 wish list for HSA's:
- Remove retroactive Medicare penalty
- Higher contribution limits
- More people eligible for HSA's
Of course, what nosotros really want to encounter is the minimum annual deductible decrease or disappear. That relates to #3 above but has never really happened – the best instance, like this yr, is it remains abiding year over year. Decreasing this would allow people with more than diverse insurance plans take advantage of HSA's as well.
Perchance that occurs old in the future, just short-term that is unlikely with a split Congress going into 2019. Bills improving HSA'due south were introduced during the first 2 years of Trump's term, during which he held a bulk in both houses, simply no i could agree on annihilation and no new laws were passed. With the mid-term elections completing in November 2018, the outlook for HSA's has decreased, every bit it is unlikely anything improving (or worsening) HSA'due south will be passed in the forthcoming gridlock.
Note: When you file your 2022 taxes and need to complete Course 8889 for your HSA, please consider my service EasyForm8889.com. It asks you simple questions and fills out Form 8889 correctly for you in about ten minutes.
Source: https://www.hsaedge.com/2018/11/13/2019-irs-hsa-contribution-limits/
0 Response to "How Much Can You Contribute to Hsa 2019"
Post a Comment