2024 USA HSA Contribution Limit Overview

Updated on February 6, 2024

The recent IRS update revealed a notable surge in HSA inflation compared to last year. In 2024, the HSA Plan for Self Only increased from $3850 to $4150, and the HSA Family Plan rose from $7750 to $8300. These changes set the contribution limits for health savings accounts. If you’re seeking information on HSA Contribution Limits for 2024 in the United States, this article provides comprehensive updates for your convenience. Stay tuned to learn more about HSA inflation in the following sections.

2024 HSA Contribution Limits

Firstly, let’s understand what an HSA is and how to contribute. Everyone requires medical care, and contributing to your HSA over the years can provide retirement benefits. A Health Savings Account is a long-standing savings account. In retirement, it offers medical benefits, covering medication, treatments, and reducing overall medical expenses. The IRS has set the HSA contribution limit for 2024; check eligibility rules on the website. If you’re 55 or older, the contribution limit is $1000. Stay informed and plan wisely.

Overview of IRS HSA

Article On HSA Contribution Limit 2024
Authority Internal Revenue Service (IRS)
Full Form Health Saving Account (HSA)
Beneficiaries HSA Contribution Limit 2024
Category Finance News
Eligibility Age to get HSA Benefits 55 or Above
HSA Contribution Limits for 2024 For Self Only: $4150
For Family:$8300
IRS Online Portal irs.gov

 

HSA Contributions 2024: What to Know

Having an HSA account is crucial for those wanting to save for future medical expenses at a discounted rate. The account aims to generate profits beyond tax payments, with the contribution limit determined by the IRS. This article covers details about HSA accounts, their maximum limit, and eligibility rules. The IRS safeguards account responsibilities, and you can access your account anytime through the provided link in this article. Stay informed for a secure healthcare savings plan.

Eligibility Rules for HSA Contributions

Making HSA contributions comes with specific eligibility criteria outlined below. Individuals can contribute their total payment annually, but it’s crucial to be aware of the redefined HSA Contribution Limits 2024 on the IRS website. Before contributing, check the eligibility rules listed below to understand who can contribute to an HSA Account:

  1. Not enrolled in Medicare.
  2. Registered in an HSA-eligible plan only.
  3. No claim as a dependent on a tax return that isn’t yours.
  4. Not enrolled in TRICARE or TRICARE for a lifetime.
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Ensure compliance with these rules for successful HSA contributions.

IRS Sets 2024 HSA Contribution Limits

Year Family Coverage Self-Only Coverage Catch-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

HSA Contributions 2024: Eligible Expenses

Here are some eligible expenses for HSA contributions in 2024:

  • 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

Ensure to use your HSA funds wisely for these qualified medical expenses.

 

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