2024 HSA Contribution Limits
| Coverage Type | 2024 Limit | Catch-Up (Age 55+) |
|---|---|---|
| Self-only coverage | $4,150 | +$1,000 |
| Family coverage | $8,300 | +$1,000 |
HDHP Requirements for 2024
To qualify for an HSA, your health plan must meet IRS minimums: minimum deductible of $1,600 (self) / $3,200 (family), and maximum out-of-pocket of $8,050 (self) / $16,100 (family).
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What Can You Use HSA Funds For?
- Doctor visits and copays
- Prescription medications
- Hospital stays and surgery
- Mental health services
- Physical therapy
- Lab tests and X-rays
- Medical equipment (crutches, blood pressure monitors)
- Dental exams and cleanings
- Fillings, crowns, and braces
- Eye exams and prescription glasses
- Contact lenses and solution
- LASIK eye surgery
- Acupuncture
- Chiropractic care
- Fertility treatments
- Long-term care insurance premiums
- Medicare premiums (after age 65)
- COBRA premiums while unemployed
HSA as a Retirement Account
After age 65, you can withdraw HSA funds for any purpose without penalty — you just pay regular income tax (like a traditional IRA). This makes HSAs uniquely powerful: triple tax-advantaged for medical expenses, and IRA-like for everything else.
Advanced Strategy: Invest and Let It Grow
Many HSA providers let you invest contributions in mutual funds or ETFs. Pay medical bills out-of-pocket now, save receipts, and reimburse yourself decades later — tax-free — after your investments have grown.
HSA vs. FSA Quick Comparison
| Feature | HSA | FSA |
|---|---|---|
| Requires HDHP? | ✅ Yes | ❌ No |
| Rolls over? | ✅ 100% | ⚠️ Up to $640 |
| Invest funds? | ✅ Yes | ❌ No |
| Portable? | ✅ Yes | ❌ Usually forfeited |
| Available Jan 1? | ⚠️ Grows throughout year | ✅ Full amount |
| Use after 65 for anything? | ✅ Yes (taxed) | ❌ No |