2024 HSA contribution limit increased to $3,950, with $1,000 catch-up for those aged 55+.

Health Savings Accounts (HSAs) are tax-advantaged accounts for individuals with high-deductible health plans, allowing for tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses. Contributions do not expire, and funds roll over annually. In 2024, individuals can contribute up to $3,950, with additional amounts for those 55 and older. HSAs can also serve as long-term savings tools for healthcare costs. However, eligibility and contribution limits apply.