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:
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Contributions to HSAs are not subject to federal income taxes.*
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Earnings to an HSA from interest and investments are tax-free.
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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 IRS Limits
2023 |
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|---|---|---|
| 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 |
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|---|---|---|
| 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
If you need the excess contribution form or the distribution reversal form, please contact the HSA Bank Client Assistance Center at (844) 650-8934.
Helpful Link
Health Account Videos