On May 9, 2024, the IRS released Rev. Proc. 2024-25, announcing the 2025 health savings accounts (HSAs) and high deductible health plans (HDHPs) inflation-adjusted amounts: Annual HSA contribution limits: Self-coverage only: $4,300 ($150 increase from 2024) Family coverage: $8,550 ($250 increase from 2024) Annual catch-up contribution...
HSA’s and FSA’s are both pre-taxed health spending accounts where the employee contributes monthly to help pay for medical care expenses, copays, and vision care. The most significant difference between flexible spending accounts (FSA) and health savings accounts (HSA) is that an individual controls an HSA...
The younger generations are feeling anxious about the state of the economy and the rising costs of living, as well as job instability in the tech industry. As a result, they are turning to HSAs to help them stay on track with their financial and...
In the recently released Rev. Proc. 2023-23, the IRS has made annual inflation adjustments to HSA limits: For calendar year 2024, a "high deductible health plan" is defined as a health plan with an annual deductible that is not less than $1,600 for self-only coverage...
Health savings accounts are paired with high-deductible health plans for an especially adaptable insurance and savings program. HDHPs have large deductibles that members must meet before receiving coverage. Participants meet those deductibles by contributing their own money to HSAs. The government does not tax these...