A health savings account (HSA) is more than a way to pay for certain medical costs. It can be a tax-free vehicle for boosting your income for a financially rewarding retirement. Learn more about saving for medical expenses, and beyond, in 2024.
Are you wondering how much you can contribute to your health savings account in 2024? The IRS is increasing contribution limits by nearly 7%. That's a significant jump from the 2023 HSA contribution limit of $3,850 — up to $4,150 in 2024.1
Make a Plan
Whether you're nearing retirement or planning ahead, having a long-term strategy can help grow your account and prepare you for future health expenses. Some ways to do this include:
Tax Benefits of an HSA
One of the smartest ways to build wealth is to reduce the taxes you legally owe to the IRS. HSAs offer a triple-tax advantage, making them essential vehicles in your long-term financial plan. Here's why:
How Do You Get the Most from an HSA?
The clearest way to get the most out of your HSA account is to contribute the maximum amount. Here are some more tips to use your HSA to your advantage:
If you'd like to explore your 2024 HSA changes and benefits, contact our office.
1) Mayer, Kathryn. "IRS Gives Big Boost to HSA, HDHP Limits in 2024." SHRM, 17 May 2023, https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/2024-irs-contribution-limits-for-hsas-and-high-deductible-health-plans.aspx.
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