Smart Planning: How IRS 2024 HSA Limits Affect You
In their latest update, the IRS has adjusted the health savings account limits for 2024. For self-only coverage, the minimum annual deductible is set at $1,600, while for family coverage, it’s $3,200. The annual out-of-pocket expenses shouldn’t exceed $8,050 for self-only coverage and $16,100 for family coverage. Individual deduction limits are $4,150 for self-only and $8,300 for family coverage. If you’re 55 or older, you can contribute an additional $1,000!
These changes, rising by more than 7%, reflect the impact of high inflation rates. HSAs are gaining attention due to their triple tax benefits – contributions are pretax, growth is tax-free, and withdrawals for qualified medical expenses are tax-free.
At the end of 2022, Americans held $104 billion in 35.5 million HSAs, according to the Society for Human Resource Management. Considering an HSA for your healthcare savings? Consult a financial professional to make the best decision for your future!
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A successful move requires someone who can see both the immediate details and the larger picture. Joe brings more than 35 years of experience to help clients make decisions with clarity and confidence. When you're ready, he's ready to help.
Joe LoParo
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