Health Savings Accounts

Individuals currently enrolled in a qualified high deductible health plan (HDHP) can open a HSA Account. A qualified high deductible health plan (HDHP) for 2024 is defined as one in which the minimum deductible amount must be no less than $1,600 for an individual or $3,200 for a family.*

• The maximum allowable annual contribution is $4,150 for an individual
• The maximum allowable annual contribution is $8,300 for a family
• If 55 or older, the maximum allowable contribution is $5,150 for an individual
• If 55 or older, the maximum allowable contribution is $9,300 for a family

In addition to having a HDHP to qualify for a HSA, the individual must not be:

• Covered under another health plan
• Entitled to Medicare benefits
• Claimed as a dependent on someone else’s tax return

*The minimum deductible amount for an individual or family is determined by the IRS and may change over time.

• A Health Savings Account offers a flexible and long-term investment opportunity
• HSAs rollover from year to year
• Funds in the HSA belong to the individual and stay with the individual regardless of employment changes
• Funds can be used for non-medical expenses if you are age 65 or older
• Funds grow without being subject to taxes until they are used for non-eligible medical expenses.**
• Funds are completely tax-free when used for eligible medical expenses.
• Contributions can be deducted from your gross income for tax purposes**.

**Consult your tax advisor regarding deductibility and possible IRS penalties for use of funds for non-eligible expenses.