Health Savings Accounts (HSAs) Are Tax-advantaged Savings Accounts Funded with Pretax Dollars.
May 23, 2023
Health Savings Accounts (HSAs) are tax-advantaged savings accounts funded with pretax dollars. Funds can be withdrawn tax-free to pay for qualified medical expenses. An HSA must be coupled with a high-deductible health plan (HDHP). The IRS annually adjusts HSA and HDHP amounts based on inflation. For 2024, the HSA contribution amount for individuals is $4,150 ($3,850 for 2023) and $8,300 ($7,750 for 2023) for those with family coverage. The minimum HDHP deductible for individuals is $1,600 ($1,500 for 2023) and $3,200 for family coverage ($3,000 for 2023). The maximum HDHP out-of-pocket cost is $8,050 for self-coverage ($7,500 for 2023) and $16,100 for family coverage ($15,000 for 2023).
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