2024 HSA Contribution Limits in the USA: Everything You Need to Know

Updated on June 14, 2024

The recent IRS update reveals a notable surge in HSA inflation compared to last year. The HSA Plan for Self Only has risen from $3850 to $4150, while the HSA Family Plan has increased from $7750 to $8300. This substantial inflation adjustment has established new contribution limits for health savings accounts.

If you’re seeking information on HSA Contribution Limits for 2024 in the United States, you’re in the right place. Read through this article to get all the updates conveniently compiled for you. Stay tuned for more insights on HSA inflation in the following sections.

HSA Contributions Limit 2024 - All You need to know about HSA Contributions for 2024 in the USA?

2024 HSA Contribution Limits

Firstly, let’s delve into what an HSA is and how you can contribute. Medical needs are inevitable in life, and by consistently making modest contributions to your HSA over a decade, you can build a valuable resource for your retirement. A Health Savings Account (HSA) is a longstanding savings option that proves beneficial in later stages of life.

Upon reaching retirement, your HSA can provide essential medical benefits, covering expenses such as medication, treatments in any hospital, and substantial savings on overall medical bills. It acts as a financial safeguard, alleviating potential burdens. However, it’s crucial to be aware of the HSA contribution limit set by the IRS for 2024, and you should check the eligibility rules on their website. Notably, individuals aged 55 or older have a contribution limit of $1000 according to the latest updates.

Overview of IRS Health Savings Account (HSA)

Article OnHSA Contribution Limit 2024
AuthorityInternal Revenue Service (IRS)
Full FormHealth Saving Account (HSA)
BeneficiariesHSA Contribution Limit 2024
CategoryFinance News
Eligibility Age to get HSA Benefits55 or Above
HSA Deductible Maximums for IndividualsOnly in 2024: $4150
For Family:$8300
IRS Online Portalirs.gov

 

HSA Contributions 2024

Having an HSA account is essential for individuals aiming to save for future medical expenses at a discounted rate. This account not only facilitates tax savings but is also structured to generate profits. The Internal Revenue Service (IRS) determines the contribution limits for an HSA account annually, allowing individuals to contribute up to a specified maximum amount each year. Be sure to adhere to the HSA contribution limit for 2024.

This article provides insights into the HSA account, including its maximum limit and eligibility rules. It is crucial information for all account holders, as the IRS safeguards the responsibilities associated with the account. Accessing your account is convenient through the official website, the link to which is provided below in this article.

Rules for HSA Contribution Eligibility

To make HSA contributions, understanding the eligibility criteria is crucial. I’ve outlined them below. You can contribute your total payment for the year, but it’s essential to be aware of the redefined HSA Contribution Limits for 2024 on the IRS website. Before contributing, familiarize yourself with the eligibility rules listed below to determine who can contribute to an HSA account:

  1. You must not be enrolled in Medicare.
  2. You should only be enrolled in an HSA-eligible plan.
  3. You should not claim a dependency on a tax return that isn’t yours.
  4. Must not be enrolled in TRICARE or TRICARE for a lifetime.

IRS’s 2024 HSA Contribution Limits

YearFamily CoverageSelf-Only CoverageCatch-Up Contributions
2019$07,000$3,500$1,000
2020$7,100$3,550$1,000
2021$07,200$3,600$1,000
2022$7,300$3,650$1,000
2023$7,750$3,850$1,000
2024$8300$4150$1,000

 

Qualifying Expenses for HSA Contributions in 2024

Eligible Expenses for HSA Contributions in 2024 include:

  • Allergy medications
  • Blood pressure monitors
  • Body scans
  • Doctor visits
  • Eye drops
  • Eye exams
  • Menstrual care products
  • Over-the-counter medications
  • Prescription contact lenses
  • Prescription sunglasses
  • Sleep aids
  • A wheelchair

 

 

Leave a Comment