Health Savings Accounts

Health Savings Account (HSA)

If your company offers a high-deductible health plan (HDHP), you can also offer a Health Savings Account for employees. These funds fill in the gaps from the healthcare plan while providing tax advantages.

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What is an HSA?

A Health Savings Account is a personal savings account that allows employees to set aside pre-tax dollars for current and future health care costs for themselves and their dependents, even if they are not covered under your company’s health insurance plan.

Employees who are enrolled in an HSA-eligible deductible health plan are eligible to open an HSA. Employers have the option to contribute to their employees’ HSAs as well. Health Savings Accounts cover expenses like copayments, doctors visits, deductibles, coinsurance and prescription drugs.

Contributions and Out-of-Pocket Limits for Health Savings Accounts and High-Deductible Health Plans

2024 2023 Change
HSA Contribution Limit (Employer + Employee) Self-only: $4,150

Family: $8,300

Self-only: $3,850

Family: $7,750

Self-only: +$300

Family: +$550

HSA Catch-Up Contributions (age 55 or older) $1,000 $1,000 No Change
HDHP Minimum Deductibles Self-only: $1,600

Family: $3,200

Self-only: $1,500

Family: $3,000

Self-only: +$100

Family: +$200

HDHP Maximum Out-Of-Pocket Amounts (deductibles, co-payments, and other amounts, but not premiums) Self-only: $8,050

Family: $16,100

Self-only: $7,500

Family: $15,000

Self-only: +$550

Family: +$1,100


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Super Savings with a Difference Card HSA

  • Triple Tax Advantage
  • Contributions are made tax-free
  • Balance earns interest tax-free
  • Qualified distributions from the account are tax-free

Members can swipe their Difference Card for HSA funds immediately upon contributions being made to an HSA Account.

An HSA is also a powerful investment vehicle and can be a smart addition to a retirement strategy! For example, investing just $600 a year for 25 years into an HSA would give you $30,668 at retirement and would save you $4,050 in taxes!

Employee benefits of having a Difference Card HSA:

  • You can change your election amount at any time during the plan year.
  • You own the HSA, which means the money in the account is yours to keep and stays with you, even if you change medical plans or leave an employer
  • Withdrawals for qualified healthcare expenses are never taxable
  • Unused funds roll over year to year and once an account reaches the investment threshold, you have the option to invest the funds and accelerate your savings.
  • Once you reach 65, you have the option to use your account for any purpose without penalty. You’ll just owe income taxes on withdrawals for non-qualified expenses.
  • The Difference Card team is available to help you use your HSA in the best way possible! Just call Member Services!

Employer benefits of offering a Difference Card HSA:

  • A Difference Card HSA provides savings for your company and your employees
  • Offering a qualified HDHP paired with an HSA can be a powerful strategy for employers to reduce your FICA and federal unemployment tax liability.
  • Pairing an HSA with a Difference Card MERP plan can take your savings even further!

Helpful HSA Resources

What is an HSA?

HSA Investment Tool

Guide to HSA Investments


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