How much is the HSA contribution limit for 2024?

If you're considering setting up a Health Savings Account (HSA) or already have one, you might be wondering about the contribution limits for 2024. As of now, the IRS hasn't released the exact figures for 2024 yet, but we can take a look at previous years' trends to get an idea of what to expect.

In 2023, the annual HSA contribution limit for individuals was $3,650, and for families, it was $7,300. It's essential to note that these limits can change annually based on inflation and other factors.

Contributions to an HSA are tax-deductible and can be used to pay for qualified medical expenses. The money in your HSA also grows tax-free, making it a valuable financial tool for healthcare expenses.

As you plan your healthcare budget for 2024, keep an eye out for the official announcement of the HSA contribution limits. It's always a good idea to maximize your contributions to take full advantage of the tax benefits offered by an HSA.

Are you ready for 2024? If you're planning to contribute to your Health Savings Account (HSA), it's crucial to be aware of the contribution limits, which the IRS will announce soon. Looking back at 2023, the limits sat at $3,650 for individuals and $7,300 for families. These figures might change due to annual adjustments aimed at inflation.