"2024 Brings Record Boost to HSA Caps: What You Need to Know"
TL;DR
The IRS is increasing the maximum contribution limits for health savings accounts (HSAs) in 2024 to $8,300 for families and $4,150 for individuals, up from $7,750 and $3,850, respectively. Participants age 55 and older can contribute an extra $1,000, allowing older married couples to save up to $10,300 a year. HSAs are tax-advantaged accounts that can be used to save for medical expenses, and contributions are immediately tax-deductible. Contributions can also be invested and grow tax-free, and distributions for qualified medical expenses are tax-free. However, most people use their HSAs to pay for current expenses and contribute little, and relatively few invest.
Topics:businesspersonal-finance#hsa#irs#medical-expenses#personal-finance#retirement-savings#tax-breaks
- Health savings account 2024 caps see record boost. Why you should care USA TODAY
- HSA Limits Are Going Up in 2024. Here's What You Need to Know The Motley Fool
- Couples 55 and older will be able to contribute more than $10,000 to health savings accounts NBC News
- Couples Age 55 or Older Can Soon Contribute $10,000 a Year to Health Savings Accounts U.S. News & World Report
- Here's What Happens to Your HSA if You Change Jobs The Motley Fool
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