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 ...

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.

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.

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 ...