A Health Savings Account account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a HSA to pay for medical expenses, you can lower your overall health care costs.
HSA Contribution Limits for 2019 You can contribute up to $3,500 to an HSA for single filers or up to $7,000 for families. If you’re 55 or older anytime in 2019, you’ll be able to contribute an extra $1,000.
There is no penalty for not using your contributions and unused monies roll over from year to year. HSAs are allowed to hold money for years into the future which opens the door to using HSAs as tax-free long-term investment options with the intent of using the money to cover inevitable qualified healthcare expenses in retirement.
