Health Savings Accounts
Health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers who are enrolled in a high deductible health plan (HDHP). HSA’s are owned by the individual and the funds contributed are used to pay for qualified medical expenses at any time.
- Tax free withdrawals if used to pay for qualified medical expenses
- Choose between individual coverage or family coverage for you, your spouse, and your dependents.
- Must be enrolled in an HDHP – see below for qualifying Deductible and Out-Of-Pocket Expenses
- Tax-deductible contributions can be made up to the annual limits below
- Pay for qualified medical expenses at time of purchase with your HSA Debit Card
- Unused funds remain in the HSA each year and earn a competitive interest rate
Minimum Annual Deductible to Qualify
Tax Year
Self-Only Coverage
Family Coverage
2024
$1,600
$3,200
2025
$1,600
$3,200
Maximum Out-of-Pocket Expenses to Qualify
Tax Year
Self-Only Coverage
Family Coverage
2024
$8,050
$16,100
2025
$8,050
$16,100
HSA Contribution Limits
Tax Year
Self -Only Contribution Limit
Family Contribution Limit
Catch-Up Contribution Limit
2024
$4,150
$8,300
$1,000 per individual age 55 or older
2025
$4,300
$8,550
$1,000 per individual age 55 or older
