Health Savings Account

One way to manage your health care expenses is by enrolling in a High Deductible Health Plan (HDHP) in combination with opening a Health Savings Account. A Health Savings Account, or HSA, is a unique, tax-advantaged account that can be used to pay for current or future healthcare expenses. When combined with a HDHP, it offers savings and tax advantages that a traditional health plan can't duplicate. With an HSA, insurers will have:

  • A tax-advantaged savings account they can use to pay for eligible medical expenses including deductibles, co-insurances, prescriptions, vision expenses, and dental care.
  • Access to unused funds which will roll over year to year. There's no "use it or lose it" penalty.
  • Additional retirement savings. After age 65, funds can be withdrawn for any purpose without penalty, but may be subject to income tax if not used for IRS-qualified medical expenses.
  • Flexibility to use your HSA to pay for the qualified medical expenses of anyone you claim on your taxes, even if you're only enrolled with single coverage. This is a great way to plan for unexpected medical expenses for the entire family.

Contribution Limits

A Health Savings Account can be utilized in both individual and group insurance markets when paired with a High Deductible Health Plan. See below guidelines:

Contribution and Out-of-Pocket Limits for HSAs and HDHPs

2024 2023 Change
HSA Contribution Limit
(Employer + Employee)
Self-Only: $4,150
Family: $8,300
Self-Only: $3,850
Family: $7,750
Self-only: + $300
Family: + $550
HSA Catch-Up Contributions
Age 55 or Older
$1,000 $1,000 No Change
HDHP Minimum Deductibles Self-Only: $1,600
Family: $3,200
Self-Only: $1,500
Family: $3,000
Self-only: + $100
Family: + $200        
HDHP Maximum Out-of-Pocket Amounts
(Deductibles, co-payments, and other amounts, but not premiums.)
Self-Only: $8,050
Family: $16,100
Self-Only: $7,500
Family: $15,000
Self-Only: + $550
Family: + $1,100

Have Questions? 

We're ready to help.