What is a Health Savings Account (HSA)?
An HSA is a unique, tax-advantaged account that can be used to pay for current or future healthcare expenses, and can also be used for retirement savings. When combined with a High-Deductible Health Plan (HDHP), it offers savings and tax advantages that a traditional health plan can't duplicate. Additional HSA benefits:
- Contributions to HSA's are not subject to federal tax income*
- Earnings to an HSA from interest and investments are tax-free.
- Distributions from an HSA to pay for qualified medical expenses are tax-free.
*Federal tax savings are available regardless of your state. State tax savings may not be available in every state. HSA Bank does not provide tax advice. Consult your tax professional for tax-related questions. For more information concerning state taxes, please consult with your state department of revenue.
Health Savings Account (HSA) – IRS Limits
2023 |
||
|---|---|---|
| Single Plan | Family Plan | |
| Maximum Contribution Limit | $3,850 | $7,750 |
| Minimum Deductible | $1,500 | $3,000 |
| Maximum Out-of-Pocket | $7,500 | $15,000 |
| Catch-up Contribution (55+) | $1,000 | $1,000 |
2024 |
||
|---|---|---|
| Single Plan | Family Plan | |
| Maximum Contribution Limit | $4,150 | $8,300 |
| Minimum Deductible | $1,600 | $3,200 |
| Maximum Out-of-Pocket | $8,050 | $16,100 |
| Catch-up Contribution (55+) | $1,000 | $1,000 |
Resources for Download
Educational Webinars
Forms
Helpful Links
Health Account Videos
HSA Bank Tax & IRS Resources
HSAs offer tax advantages on your contributions, distributions and interest earnings. We provide you with the resources and tools that you need for accurate tax filing.