IRS Increases Contribution Levels for HSA's in 2024

December 19, 2023

Financial Plans & Strategies has strongly recommended the use of Health Savings Accounts (HSAs) for those who are eligible to make contributions. As these plans broadened their use of investment choices, these plans have become even more valuable.

The following article details the increased contribution limits for 2024 ($4,150 for individuals and $8,300 for families), as well as the unique triple tax benefits and eligibility requirements.

An important reminder- make sure you stop your HSA Contributions at least six months before Medicare enrollment to avoid a tax penalty.

We recommend that if you have questions involving your unique tax situation, you speak to your accountant or trusted tax advisor.

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TaxWatch


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