Q&A of the Week June 19, 2024

Question

What is the Health Savings Account (HSA) contribution limit?

Answer

The tax-deductible contribution limits for HSAs in 2025 were recently announced:

• $4,300 - for an individual with self-only coverage under a High-Deductible Health Plan (HDHP) ($4,150 in 2023)

• $8,550 - for an individual with family coverage under an HDHP ($8,300 in 2024)

The IRS has a new definition for an HDHP: a health plan with an annual deductible that isn't less than $1,650 for individual coverage.

If you have questions, please consult a tax professional. Read this article from Forbes for more information: https://www.forbes.com/sites/davidrae/2024/06/12/new-hsa-contribution-limits-for-2025-announced/