New Contribution Limits on HSA (Health Savings Accounts) for 2019
Be Wealthy & Smart
Linda P. Jones
4.8 • 883 Ratings
🗓️ 28 November 2018
⏱️ 11 minutes
🧾️ Download transcript
Summary
Learn what the new contribution limits are for HSA's in 2019.
Contribution limits have been raised on HSA's for 2019.
Investing in Health Savings Accounts offer tax benefits 3 ways:
They allow you to deduct contributions, they grow federally tax-free, and funds can be withdrawn without being taxed when used for qualified expenses.
Find out how to qualify, what eligible expenses are (including 2 that surprised me), and what special rules apply if you are over age 65.
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Transcript
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| 0:00.0 | Be Wealthy and Smart, episode 489. If y'all know what I mean put your hands up and declare with me |
| 0:14.0 | Yeah, I'm full of bad time I'm gonna live a good life |
| 0:20.0 | I'm gonna live the good life |
| 0:22.0 | and beautiful and financial freedom without budgets, boredom or bosses on, be wealthy and Smart. And now here's your host, Linda P. Jones. |
| 0:38.0 | Welcome to Be Wealthy and Smart. I'm Linda P Jones, America's Wealth Mentor. Empowering |
| 0:42.2 | Women and Men Worldwide to Financial Freedom. |
| 0:45.0 | On today's show, we're going to talk about the new rules for HSA's, those health savings accounts |
| 0:50.8 | that are important for you to be able to save money, be able to stash money away without tax, and have some special benefits that are really worthy of having if you qualify. |
| 1:04.0 | So we're going to talk about an article from |
| 1:07.0 | Investors Business Daily, |
| 1:09.0 | written by Adelia Salini Linneinaker and she talks about everything to do with HSA. |
| 1:17.6 | So there's a lot of detail in here but I think it's important that we go through this |
| 1:21.6 | because these are really important tools. |
| 1:24.0 | They are really special accounts, especially if you're maxing out 401k's IRAs, Roth IRAs, |
| 1:32.3 | these are things that you can do in addition to that that are places that you can stash money and have them also grow without tax. |
| 1:41.0 | So really great savings vehicles and being able to use them for special medical expenses or paying deductibles, co-pays, things like that. |
| 1:51.0 | So without further ado, let's get into the article. It says with |
| 1:55.9 | year-end financial planning on people's minds it's time to consider opening and |
| 1:59.8 | funding a health savings account but do you know the HSA contribution limits for 2019 or how an |
| 2:06.8 | HSA works? An HSA is a savings account that lets you set aside pre-tax income to cover health care costs not paid by |
| 2:16.1 | your insurance. |
| 2:17.1 | HSA's are available only to people who have a qualifying high deductible insurance plan. |
... |
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