Health Savings Account Contribution Limits

IRS Requirements for 2024

* If a spouse is also 55 or older, a second HSA must be established and a second contribution of $1,000 could be made to that account.

	Single Plan	Family Plan
Minimum Deductible	$1,600	$3,200
Maximum Out-of-Pocket	$8,050	$16,100
Contribution Limit	$4,150	$8,300
Catch-Up Contribution (55 or older)*	$1,000	$1,000

 

IRS Requirements for 2023

* If a spouse is also 55 or older, a second HSA must be established and a second contribution of $1,000 could be made to that account.

	Single Plan	Family Plan
Minimum Deductible	$1,500	$3,000
Maximum Out-of-Pocket	$7,500	$15,000
Contribution Limit	$3,850	$7,750
Catch-Up Contribution (55 or older)*	$1,000	$1,000

HSA plans were introduced by Congress on January 1, 2004

An HSA is a savings account that is paired with a qualified High-Deductible Health Plan to cover eligible medical expenses not covered by the health plan.

Effective 1/1/2024, a High-Deductible Health Plan (HDHP) satisfies certain requirements with respect to deductibles and out-of-pocket expenses.  A qualified HDHP must have: a minimum annual self-only coverage deductible of $1,600 and a maximum self-only coverage out-of-pocket should be $8,300, or a minimum annual family coverage deductible of $3,200 and a maximum annual family coverage out-of-pocket of $16,100.

No amounts are payable from a HDHP until the family has incurred annual covered medical expenses in excess of the minimum annual deductible.

An individual is ineligible for an HSA if they are also covered by another health plan (individual, spouse, dependent) that is not an HDHP.

HSAs use pre-tax dollars.

HSA funds can grow tax-free in a variety of investment vehicles: Passbook savings, mutual funds, or stocks.