Today’s year-end planning tip is regarding Maxing out one’s Health Savings Account (or HSA)
An HSA allows you save and pay for qualified medical expenses with tax-free dollars.
In order to contribute to an HSA, you have to be enrolled in an HSA-eligible health plan. You can only contribute a certain amount to your HSA each year, but all contributions roll over from year to year. In 2024, you can contribute up to $4,150 for yourself, or $8,300 if you have coverage for your family. In 2025, you will be able to contribute up to $4,300 for yourself or $8,550 if you have coverage for your family. At age 55, individuals can contribute an additional $1,000.