The IRS has released next year’s inflation-adjusted amounts for Health Savings Accounts. For 2024, the annual contribution limit for an individual with self-only coverage under a high-deductible health plan (HDHP) will be $4,150. For an individual with family coverage, it will be $8,300. This is up from $3,850 and $7,750, respectively, for 2023. For calendar
HSA Archives - Crawford Ellenbogen
May 25, 2023
The IRS has just announced 2024 amounts for Health Savings Accounts
- By Joan Ellenbogen
- Business
- 0 Comments
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Sep 21, 2021
Is a Health Savings Account right for you?
- By Joan Ellenbogen
- Deductions, Financial Planning, Health Insurance, Medical, Taxes
- 0 Comments
Given the escalating cost of health care, there may be a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical needs. Here are the main tax benefits: Contributions made to an
Jun 9, 2021
The IRS has announced 2022 amounts for Health Savings Accounts
- By Joan Ellenbogen
- Business
- 0 Comments
The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). Fundamentals of HSAs An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is
Oct 23, 2019
Setting up a Health Savings Account for your small business
- By Ellenbogen
- Business, Health Insurance
- 0 Comments
Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs offer a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the key tax