Health savings accounts are tax-advantaged medical savings accounts available to people enrolled in high-deductible health plans (plans with deductibles of at least $1,350 for individuals and $2,700 for families). To qualify for a health savings account, your plan also needs to meet an out-of-pocket maximum below specified thresholds. In 2019, the out-of-pocket maximum for an HSA-qualified health plan must be less than $6,750 for individual coverage or $13,500 for family coverage. Money contributed to a health savings account is not subject to federal income tax at the time it is deposited. For 2019, people with individual medical coverage can deposit up to $3,500 in a health savings account while people with family plans can deposit up to $7,000. If you are age 55 and older, you can contribute an additional $1,000 to your account. In addition to being an excellent way to cover out-of-pocket medical expenses, health savings accounts provide
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