2024 HSA limits!

I am a fan of HSA- I really hope the government does not mess it up in the future. As of right now it a win for me as far as I can tell. Medical costs continue to rise in the US and I want to make sure a medical bill does not ruin me. So I make sure that I get as much in there as I can each year.

3 big benefits that I see. Or some call it triple tax advantage.

You save pre-tax money.

Your money grows tax-free.

Your withdrawals are also tax-free as long as you use the money for healthcare expenses approved by the IRS.

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My wife sometimes feels like this gif I think.

lets take a look at the increase for 2024

2023 and 2024 HSA contribution limits
2023 limit listed first

2024 limit listed second for each category.

Self-only coverage (if you’re younger than 55)

$3,850

$4,150

Self-only coverage (if you’re 55 or older)

$4,850

$5,150

Family coverage (if you’re younger than 55)

$7,750

$8,300

Family coverage (if you’re 55 or older)

$8,750

$9,300

Some nice increases.

I have most of my extra HSA invested in the S&P 500. I with I could move it into HBD and earn 20% on it though. How great would that be?

HSAs backed by HBD would be an amazing savings tool for people. I will keep dreaming. I have read about self insured groups that get exceptions from the gov due to religious reasons. Maybe we could set up a self funded insurance fund on HBD. Earn 20% and pay for a lot of your medical bills as a big gorup.

maybe??

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