You Can Put a Lot More Money Into Your HSA Next Year
By:
Pete Grieve
Editor:
Julia Glum
Julia Glum
News Editor | Joined February 2018
Has also written:
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Eddie Lee / Money; Getty images
Starting in January, a significant inflation adjustment will allow you to contribute much more to a health savings account (HSA).
HSAs are a type of account you can open if you have a health insurance deductible above a certain threshold — $1,600 for individuals in 2024 — and want to grow a cushion for medical expenses.
HSA owners benefit from what's called a triple tax advantage. They can make tax-deductible contributions, therefore reducing their taxable income, and withdraw the funds for eligible expenses tax-free. The earnings also grow tax-free.
