What you can contribute to an HSA in 2024
The amount you can put into an HSA in 2024 depends on the type of health insurance coverage you have. If you have individual coverage, the limit is $4,150 for the year. If you have family coverage, the limit is $8,300. These are the maximums set by the IRS — you can contribute less, but not more without facing tax penalties.
These limits apply to all contributions combined: money you put in yourself, money your employer puts in, and money anyone else contributes on your behalf. If your employer contributes $2,000 and you contribute $1,500, you have $500 of your $4,150 limit left for the year.
If you turn 55 before the end of 2024, you can add an extra $1,000 to your limit that year — this is called a catch-up contribution. This extra amount applies only to you, not to your spouse or dependents, even if they also turn 55.
Key Takeaways
- Individual coverage has a $4,150 limit in 2024; family coverage has an $8,300 limit, regardless of how many dependents you cover.
- Your employer's contributions count toward your limit, so you need to know what they put in before deciding how much to contribute yourself.
- If you turn 55 in 2024, you can contribute an additional $1,000 beyond the standard limit.
- Contributions made after December 31, 2024, do not count toward the 2024 limit, even if you make them before the tax filing deadline.
How dependents affect your HSA limit
The HSA limit for family coverage covers you, your spouse, and all your dependents — there is no separate limit per child or dependent. If you have family coverage and contribute $8,300 total in 2024, that covers medical expenses for everyone on your plan, whether you have one dependent or five.
Your dependents do not have their own HSA accounts or their own contribution limits. The money in your HSA can be used to pay for their medical expenses, and it all comes from the same $8,300 pool. This is different from a Dependent Care FSA, which has separate rules.
If your spouse also has access to an HSA through their own employer plan, they have their own separate HSA account and their own contribution limit. You cannot combine limits or transfer money between spouses' accounts, though you can each contribute up to your individual limits.
When to contribute and how the deadline works
You can contribute to your HSA at any time during 2024, up until December 31, 2024. If you miss that date, you cannot make up the contribution later, even if you file your taxes late. The contribution year is the calendar year, not the tax year.
If you set up payroll deductions through your employer, contributions are usually taken out of each paycheck automatically. If you contribute on your own, you can do so through your HSA provider's website or by check. Keep records of when you contribute, because you will need to report the total on your tax return.
If you change jobs or lose coverage partway through 2024, your contribution limit for that year does not change — it is based on your coverage status on the first day of each month. If you had individual coverage for six months and family coverage for six months, you would calculate a blended limit for the year.
What happens if you contribute too much
If you put more money into your HSA than the limit allows, the IRS charges a 6 percent excise tax on the excess amount each year it stays in the account. You also have to pay income tax on the excess. This penalty applies until you withdraw the overage.
If your employer contributed too much without your knowledge, ask them to correct it. They can request a refund from your HSA provider, and the money should be returned to them before the tax deadline. You will need to file an amended tax return if you already filed.
If you contributed too much yourself, you can withdraw the excess and any earnings on it before the tax filing deadline (usually April 15 of the following year). Report the withdrawal on your tax return to avoid the penalty. After the deadline passes, you are stuck paying the 6 percent tax each year until the excess is gone.
HSA contributions if you have a high-deductible health plan
You can only contribute to an HSA if you are enrolled in a high-deductible health plan (HDHP) and have no other health coverage besides certain limited plans. If you have Medicare, Medicaid, TRICARE, or VA coverage at any point during the month, you cannot contribute to an HSA that month.
If you drop your HDHP coverage partway through 2024 and switch to a regular health plan, you can still keep your HSA and use the money in it. You just cannot make any more contributions once you are no longer on an HDHP. The money already in the account stays there indefinitely.
If you are self-employed and buy your own HDHP, you can still contribute to an HSA. Your contribution limit is the same as it would be if your employer offered the plan — $4,150 for individual coverage or $8,300 for family coverage in 2024.
Tracking contributions across multiple sources
If money goes into your HSA from more than one place — your paycheck, your employer's annual contribution, and your own deposits — you need to add them all together to make sure you do not exceed the limit. Your HSA provider should send you a statement showing all contributions, but it is your responsibility to verify the total.
If you have a spouse with their own HSA, keep their contributions separate from yours. Each of you has your own limit and your own account. If you file taxes jointly, you will report both accounts on your return, but the limits do not combine.
Some employers allow you to change your contribution amount during the year if your family situation changes — for example, if you have a baby or lose coverage. If you make a change, ask your payroll department to recalculate what you can still contribute for the rest of the year.
Frequently Asked Questions
Can my spouse and I combine our HSA limits?
No. Each person with an HSA has their own separate account and their own limit. If you both have family coverage through the same employer plan, you share one $8,300 limit between you. If you each have individual coverage through different employers, you each have a $4,150 limit.
What if I did not have health insurance for part of 2024?
Your contribution limit is based on your coverage status on the first day of each month. If you had individual coverage for six months and family coverage for six months, your limit is a blended amount — roughly half of each limit. Contact your HSA provider or a tax professional to calculate the exact amount.
Can I contribute to my child's HSA separately?
No. Your children do not have their own HSA accounts. All HSA contributions go into your account, and the money can be used to pay for anyone on your health plan, including your dependents. The $8,300 family limit covers all of you combined.
What if my employer already contributed to my HSA — can I still add more?
Yes, but only up to the remaining limit. If your employer contributed $3,000 and your limit is $4,150, you can contribute up to $1,150 more yourself. Track all contributions to avoid going over the limit and triggering the 6 percent penalty.
Do HSA contributions roll over if I do not use them in 2024?
Yes. Unlike a Flexible Spending Account, HSA money does not expire at the end of the year. Any balance you do not spend in 2024 stays in your account and can be used in future years. You can let it grow indefinitely if you choose.