This blog will be short and sweet as we just want to pass on an update regarding 2024 Health Savings Accounts (HSAs); we always like to share these as soon as they are released. Happy to see that for the 2nd year in a row, the IRS is making more significant changes to what can be contributed to HSAs.
Along with that are some higher minimum deductibles and higher pocket maximums, which pave the way for insurance providers to worsen their plans because the government says they can. ☹
Here are the details for 2024 as compared to 2023. Enjoy!
For those on HSA-eligible plans, this is good news as every dollar untaxed is $.20 – $.30 earned, but there’s, unfortunately, still no silver bullet for the cost of health insurance.
These plans don’t work for everyone. To be HSA eligible, a plan cannot have first-dollar benefits (copays), and some people simply can’t afford to pay negotiated pricing for drugs and office visits as until their deductible has been met.
Do you have questions on HSAs or how they can work in a business setting for your employees? Let us know, we’d love to chat!
Thanks for the read,