What Qualifies as an HSA-Eligible Health Plan 2024?

When it comes to choosing a health plan for the future, understanding what qualifies as an HSA-eligible health plan in 2024 is crucial. Health Savings Accounts (HSAs) are a tax-advantaged way to save and pay for qualified medical expenses. To contribute to an HSA, you must be enrolled in an HSA-eligible high-deductible health plan (HDHP).

Here are some key points to keep in mind for HSA-eligible health plans in 2024:

• An HSA-eligible HDHP must meet specific criteria set by the IRS, including minimum deductibles and maximum out-of-pocket expenses.
• In 2024, the minimum deductible for self-only coverage is $1,400, and for family coverage, it is $2,800.
• For out-of-pocket expenses, the maximum limit for self-only coverage is $7,050, and for family coverage, it is $14,100 in 2024.
• It's important to note that not all HDHPs are HSA-eligible, so be sure to check with your insurance provider.
• Employers may also offer HSA-eligible health plans as part of their benefits package, so it's worth exploring your options.

When considering your health plan options for 2024, it's essential to grasp what qualifies as an HSA-eligible health plan. A Health Savings Account (HSA) is an excellent tool for saving money on medical expenses, as long as you're enrolled in a high-deductible health plan (HDHP) that meets specific IRS requirements.