Maximizing Your Health Savings Account (HSA) Benefits
A Health Savings Account (HSA) is the most tax-advantaged account available when paired with a High-Deductible Health Plan (HDHP). Our calculator helps you project growth and optimize contributions to build long-term healthcare savings.
Why HSAs Are Powerful Savings Tools:
- • Triple tax advantage: Contributions are pre-tax, growth is tax-free, and withdrawals for medical expenses are tax-free
- • Portable: Your HSA stays with you even if you change jobs or health plans
- • Investment opportunities: Most HSAs allow you to invest funds once you reach a minimum balance
- • Retirement benefits: After age 65, funds can be withdrawn for any purpose (medical expenses remain tax-free)
2023-2024 HSA Contribution Limits:
2023 Limits
- • Individual: $3,850
- • Family: $7,750
- • Catch-up (55+): +$1,000
2024 Limits
- • Individual: $4,150
- • Family: $8,300
- • Catch-up (55+): +$1,000
Note: Contribution limits are set annually by the IRS and may change.
HSA-Eligible Expenses:
Common Medical Expenses
- • Doctor and specialist visits
- • Prescription medications
- • Dental treatments
- • Vision exams and glasses
- • Hospital services
Often Overlooked Expenses
- • Menstrual care products
- • Sunscreen (SPF 15+)
- • Breast pumps and supplies
- • COVID-19 tests and PPE
- • Acupuncture treatments
HSA vs. FSA: Key Differences
| Feature | HSA | FSA |
|---|---|---|
| Requires HDHP? | Yes | No |
| Funds Roll Over? | Yes | Limited |
| Portable? | Yes | No |
| Investment Options? | Yes | No |