2FA for P&A Participants
COBRA, Commuter Benefits, Parking, Participant, Reimbursement Accounts, Savings Accounts, Transit
On May 16, 2023, the IRS released the inflation-adjusted amounts for Health Savings Accounts for 2024. Among the changes are increases to the minimum High Deductible Health Plan (HDHP) amounts for single coverage ($1,600) and family coverage ($3,200). Below is a table with the updated HSA limits for 2024, effective January 1, 2024.
HSA Limits for 2024
Health Savings Account |
2023 |
2024 |
| HSA Contribution Limit – Individual Coverage | $3,850 | $4,150 |
| HSA Contribution Limit – Family Coverage | $7,750 | $8,300 |
| HDHP Minimum Deductible – Individual Coverage | $1,500 | $1,600 |
| HDHP Minimum Deductible – Family Coverage | $3,000 | $3,200 |
| HDHP Maximum Out-of-Pocket – Individual Coverage | $7,500 | $8,050 |
| HDHP Maximum Out-of-Pocket – Family Coverage | $15,000 | $16,100 |
How Does an HSA Benefit You?
HSAs provide significant savings for families with three tax-saving opportunities:
- Contributions are made with pre-tax dollars
- Funds earn interest tax-free
- Withdrawals for qualified eligible expenses are tax-free
HSAs also have long-term investment opportunities with tax benefits on contributions, earnings and distributions.
HSA Eligible Expense List
Browse thousands of pre-approved HSA eligible expenses with P&A’s vendor partner, HSA Store. See what’s eligible for purchase with your HSA, stock up on eligible expenses and discover new healthcare products.
Log Into Your HSA
To check your account balance or manage your HSA, log into your account.
Pro Tip: Health Savings Accounts are triple-tax advantaged accounts that can save you significantly on healthcare costs. See how you can benefit from an HSA.
