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FAQ. How much can I contribute to my HSA? In 2024, the contribution limit for an individual is $4,150, and for families, it is $8,300. If you're 55 and older, you can contribute an additional $1,000.
A health savings account (HSA) allows anyone with a qualifying high-deductible health plan to set aside pre-tax money to pay for approved medical expenses. The funds are held by an HSA trustee (a ...
Pros. Cons. If you change jobs, you can take your account with you. Withdrawals for non-medical and non-qualified medical expenses are subject to a 20% tax penalty.
The tax advantages of a health savings account (HSA) are unbeatable — better than a 401(k), traditional IRA, Roth IRA or 529 savings plan. It can be used like a checking account to pay for ...
Health savings accounts are similar to medical savings account (MSA) plans that were authorized by the federal government before health savings account plans. Health savings accounts can be used with some high-deductible health plans. Health savings accounts came into being after legislation was signed by President George W. Bush on December 8 ...
That being said, a health savings account is meant for health-related expenses. So, it shouldn’t replace your 401(k), IRA, or other dedicated retirement accounts.
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