A Health Savings Account is an account that is designed exclusively for covering medical expenses incurred by the HSA owner or dependent children. These accounts are available to individuals covered by a high deductible health plan, regardless of whether the person is self-employed or employed by a small employer. HSAs can provide significant tax benefits to eligible individuals and may also provide benefits similar to retirement plans. Assets may be withdrawn and used for qualified medical expenses including doctor visits, prescriptions, dental care, transportation for medical care, long-term care insurance & healthcare coverage when unemployed.
You need $50 as a minimum deposit and contribution limits are adjusted each tax year. ‘Catch-up’ contributions are available for individuals age 55 or older. 2024 contribution limits are $4,150 for individuals and $8,300 for families with $1,000 ‘catch up’ contribution for individuals aged 55 and over.
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2024 HSA Contribution Limits
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Minimum Deductible
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Maximum Out of Pocket
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Contribution Limit
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55+ Contribution
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| Single | $1,600.00 | $8,050.00 | $4,150.00 | $1,000.00 |
| Family | $3,200.00 | $16,100.00 | $8,300.00 | $1,000.00 |
If you’re ready to open an HSA or have question, just give us a call or come see us.