The 2024 HSA contribution limit depends on your coverage type

For 2024, you can contribute up to $4,150 if you have individual coverage or $8,300 if you have family coverage under a high-deductible health plan. These are the maximum amounts the IRS allows you to set aside in an HSA during the calendar year. If you turn 55 before the end of 2024, you can add an extra $1,000 catch-up contribution on top of the base limit.

The limit applies to all contributions combined — money you put in, money your employer puts in, and money anyone else contributes on your behalf all count toward the same ceiling. Once you hit the limit, you cannot contribute more that year without facing a tax penalty.

These limits change most years. The IRS adjusts them for inflation, so the 2025 limits will be different. Check with your HSA provider or the IRS website each January to confirm the current year's limit before you plan your contributions.

Key Takeaways

  • Individual coverage HSA holders can contribute $4,150 in 2024; family coverage holders can contribute $8,300.
  • If you are 55 or older by December 31, 2024, you can add a $1,000 catch-up contribution to either limit.
  • All contributions from you, your employer, and anyone else count toward the same annual limit.
  • Contributing more than the limit triggers a 6 percent excise tax on the excess amount each year it remains in the account.
  • Contribution limits change yearly for inflation, so verify the current limit with your HSA provider before the year ends.

How employer contributions affect your personal limit

If your employer contributes to your HSA, that money counts toward your annual limit. For example, if your employer puts in $1,500 and you want to contribute $2,650 with individual coverage, your total is $4,150 — exactly at the limit. You cannot then add another $500 on top.

Before you contribute your own money, ask your employer or benefits administrator how much they plan to contribute that year. Some employers contribute a set amount; others match a percentage of what you contribute. Knowing their number first prevents you from accidentally going over the limit.

If you change jobs mid-year, contributions from both employers count toward the same 2024 limit. Keep track of what each employer contributed so you do not exceed the ceiling.

The catch-up contribution if you are 55 or older

If you turn 55 at any point during 2024, you become may be able to access to contribute an extra $1,000 that year. This catch-up contribution is separate from the base limit — so an individual with coverage can contribute $4,150 plus $1,000 for a total of $5,150.

You remain may be able to access for the $1,000 catch-up every year after you turn 55, as long as you stay enrolled in an HSA-may be able to access high-deductible plan. The catch-up amount does not change with inflation the way the base limit does; it has been $1,000 since 2007.

Once you enroll in Medicare, you can no longer make catch-up contributions to an HSA, even if you are still working. This is true even if you delay taking Social Security.

What happens if you contribute too much

If you put more money into your HSA than the annual limit allows, the IRS charges a 6 percent excise tax on the excess amount. That tax applies every year the excess stays in the account. For example, if you contribute $500 over the limit, you owe $30 in excise tax that year. If you do not withdraw the $500, you owe another $30 the next year.

You can fix an overage by withdrawing the excess amount plus any earnings on that money before the tax filing deadline (usually April 15 of the following year). If you withdraw by that date, you avoid the excise tax, though you will owe income tax on any earnings the excess generated.

Report the overage and any corrective withdrawal on Form 8889 when you file your taxes. If you do not catch the mistake, the IRS may contact you during an audit.

Contribution limits for people with family coverage

Family coverage includes you, your spouse, and any dependents on the same high-deductible plan. The 2024 limit for family coverage is $8,300 — nearly double the individual limit. This single limit applies to the entire family, not per person.

If both you and your spouse have separate HSAs (because you each have individual coverage through different employers, for example), each account has its own $4,150 limit. But if you are both covered under one family plan with one HSA, the $8,300 limit covers all contributions to that account combined.

Married couples filing jointly should coordinate with each other and their employers to track total contributions. If one spouse's employer contributes $3,000 and the other contributes $2,500, you have $5,500 already applied to the $8,300 family limit, leaving $2,800 for personal contributions.

When your coverage changes mid-year

If you switch from individual to family coverage (or vice versa) partway through 2024, your contribution limit changes on the date the new coverage starts. The IRS allows you to contribute a prorated amount based on the number of months you had each type of coverage.

For example, if you had individual coverage for six months ($2,075 limit) and then switched to family coverage for six months ($4,150 limit), your total 2024 limit would be approximately $6,225. Your HSA provider or employer benefits team can calculate the exact prorated amount for your situation.

Keep records of when your coverage changed. You will need this information when you file taxes if the IRS questions your contribution amount.

How to track your contributions throughout the year

Your HSA provider sends you statements showing all deposits, including contributions from you and your employer. Review these statements each month to make sure the total is not creeping toward the limit. Many providers also show your remaining contribution room on their website or mobile app.

If you contribute through payroll deduction, your employer's benefits administrator can tell you how much has been withheld so far. If you make direct contributions, keep your own running total. Add any employer contributions your company makes outside of payroll (like a lump-sum deposit in January).

By November, calculate whether you have room left for a final contribution before the year ends. Some people wait until December to see their full-year income before deciding how much more to contribute.

Frequently Asked Questions

Can I contribute to an HSA if I am on Medicare?

No. Once you enroll in Medicare Part A or Part B, you are no longer may be able to access to contribute to an HSA, even if you are still working and have a high-deductible plan. You can still withdraw money from an existing HSA for may have access to medical expenses without penalty, but new contributions are not allowed.

What if my employer contributes more than the annual limit?

Your employer is responsible for staying within the limit. If they contribute too much, you and your employer share the tax consequences. You will owe the 6 percent excise tax on the excess unless you withdraw it by the tax filing deadline. Contact your benefits administrator immediately if you suspect an overage.

Do HSA contributions roll over if I do not use them?

Yes. Unlike a flexible spending account (FSA), HSA money rolls over to the next year with no limit on how much you can accumulate. You can let the balance grow indefinitely as long as you use it only for may have access to medical expenses. After age 65, you can withdraw HSA funds for any reason without penalty, though non-medical withdrawals are taxed as income.

Can I contribute to an HSA and an FSA in the same year?

No. If you contribute to an HSA, you cannot also contribute to a healthcare FSA in the same year. You can have a limited-purpose FSA (which covers only dental and vision) alongside an HSA. Check your employer's plan documents to see what combinations are offered.

What if I do not have an HSA yet but want to start one?

You must be enrolled in a high-deductible health plan to open an HSA. If your employer offers one, ask your benefits administrator how to set up an account. If you buy coverage on your own, you can open an HSA through a bank, credit union, or investment company that offers them. You can contribute for 2024 as long as you open the account and make the contribution by the tax filing deadline in 2025.