There’s a good chance that you’re familiar with what a Health Savings Account (HSA) is. You may not have one, but you may have considered opening one at some point in recent years as it has become a common offering by many employers. If you are unfamiliar with HSAs, they are tax-free accounts that can be used to pay for qualified medical expenses and are used in conjunction with high deductible health plans. Distributions used to pay to medical expenses are tax free and there are no income limits for contributions. Furthermore, HSAs can be a great long-term investment as you can build them up in ways similar to your retirement accounts (investing, contributions, etc.) and use them to supplement your nest egg when you do actually retire. While there are no income limitations when it comes to contributions, there are limits on how much you can contribute to the account each year (just like a retirement account). For 2019, the contribution limit was $3,500 for individuals and $7,000 for those with family coverage. For 2020, that numbers rises, ever so slightly, to $3,550 for individuals and $7,100 for family coverage. These numbers are announced by the IRS each year and account for inflation adjustments, so they are usually incremental. Having the numbers a year in advance can help you plan for 2020, especially if you want to max out your HSA contribution or want to make an adjustment to your contribution numbers. If you have an HSA and want to make better use of it or build it up for the future, you should speak with a certified financial planner or a representative of your plan’s custodian. They should be able to provide helpful tips and advice about the limitations of your account and how you may want to invest or grow it.