Exciting news is on the horizon for 2024 as the IRS has just unveiled some key updates to contribution limits for Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs). Let’s break down the highlights that can reshape your healthcare financial strategy:
HSA Limits for 2024: Individuals with self-only coverage can now contribute up to $4,150 to their Health Savings Accounts, while those with family coverage have the opportunity to contribute up to $8,300. These adjustments open up new possibilities for building a health-focused nest egg while earning interest!
FSA Limits for 2024: Flexible Spending Accounts, known for their pre-tax benefits but frustrating use it or lose it account, now have a contribution limit of $3,200. If your account allows for a rollover, the maximum allowed is $640. Perfect for those looking to alleviate out of pocket expenses such as contacts, OTCs, and even massage guns. Take charge of managing your healthcare costs by enjoying these tax advantages today!
Whether you’re an advocate of HSAs, or maximizing the advantages of FSAs, 2024 brings expanded opportunities. Are you considering adjusting your contributions or exploring new ways to optimize your healthcare savings strategy? Share your thoughts in the comments below!
As always, stay informed, stay financially savvy, and make the most of these opportunities for a healthier financial future!
