Health Savings Accounts (HSAs)

Maximize your tax benefits with our comprehensive guide on Health Savings Accounts (HSAs). This resource provides essential information on eligibility criteria, contribution limits, and qualified medical expenses. Understand the tax advantages of HSAs, including deductions for contributions and tax-free distributions for medical expenses. Ideal for individuals and families covered under high-deductible health plans (HDHPs).

Highlights:

• Eligibility Requirements: Must be covered by an HDHP, with no other health coverage, and not enrolled in Medicare.

• Contribution Limits for 2024: Up to $4,150 for self-only coverage and $8,300 for family coverage, with additional catch-up contributions for those 55 or older.

• Qualified Medical Expenses: Includes out-of-pocket costs for prescriptions, over-the-counter medications, and certain medical products.

• Tax-Free Distributions: For qualified medical expenses, avoiding the 20% penalty on non-qualified withdrawals after age 65.