Health Savings Account (“HSA”) contribution limits for 2024 are breaking the historic trend of 1-2% increases. Next year, the amount to save for health costs with pre-tax dollars will surge by over 7%!
HSAs are tax-advantaged savings accounts used to pay qualified health care costs for you, your spouse, and dependents. They offer a convenient way to utilize pre-tax dollars for medical, dental, and vision expenses. Any investment gains within the account are also tax-free when used for qualified expenses. Unused funds can be carried over to the following year. To qualify for an HSA, enrollment in a high-deductible health plan (“HDHP”) is necessary, with out-of-pocket payment limits aligned with the specified maximums.
Maximizing your HSA contributions allows you to fund medical, dental, and vision care expenses with pre-tax money, building a nest egg for unforeseen future needs. Start building your account now and secure financial peace of mind.
For questions about funding or eligibility, contact your advisor for more information.
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