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HSA contribution limits for 2024-2025. ... Those age 55 and older can make an additional $1,000 catch-up contribution. ... ($3,200 in 2024) and an annual out-of-pocket limit of at least $16,600 ...
If you’re 55 or older, you can contribute an additional $1,000 as a catch-up. To qualify for an HSA, you must be enrolled in a high-deductible health plan (HDHP), which typically comes with ...
Contribution limits: In 2024, you can contribute up to $4,150 for individual coverage and $8,300 for family coverage. Individuals 55 and older can add an extra $1,000 in catch-up contributions.
A taxpayer can generally make contributions to a health savings account for a given tax year until the deadline for filing the individual's income tax returns for that year, which is typically April 15. [25] All contributions to a health savings account from both the employer and the employee count toward the annual maximum.
Contributions that employers make can be excluded from employees' gross income (contributions must be made by the employer, not come from payroll reductions). Reimbursements may be tax free if the employee pays qualified medical expenses. Unused funds in the HRA can be rolled into future years for reimbursement.
As a way to try and offset the cost of care, HDHP policy holders may contribute to a health savings account (HSA) with pre-tax income. [22] HSA contributions, unlike other tax-advantaged investment vehicles, offer a triple tax benefit – tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses. [23]
In addition to eligibility requirements, contribution limits apply when you fund your HSA. For 2024, individuals can contribute up to $4,150 and $8,300 for families .
For 2024, the HSA contribution limit for individual coverage increases to $4,150, and the family plan cap goes up to $8,300. The $1,000 catchup contribution remains the same.