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.
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 |
