To be eligible to contribute to an HSA, you must have an HSA-qualified HDHP and have not yet enrolled in Medicare. Medicare typically begins at age 65. The IRS also updated the definition of an ...

This is often seen as a triple tax advantage, combining tax-deductible contributions, tax-free growth, and tax-free withdrawals for eligible healthcare costs. HSA contribution limits for 2024 For ...

The Health Savings Account contribution limits for 2024 are $4,150 for individuals and $8,300 for families. Those 55 and older can make an additional $1,000 as a catch-up contribution.

An HSA lets you set aside pre-tax money to pay for certain medical expenses. Contributions are pre tax, your account can grow tax deferred and withdrawals for qualifying medical expenses are tax free.

Almost one-third of covered workers were enrolled in health insurance plans with a savings option in 2021, up from 17% in 2011, according to a report from the Kaiser Family Foundation.