"The Changing Landscape of HSA Contributions in 2024: What You Need to Know"

Wealth Builders - A StatonWalsh Podcast

Welcome to another episode of Wealth Builders! Today, we dive deep into the world of Health Savings Accounts (HSAs) and the notable changes set for 2024. If you're aiming to make the most of your healthcare finances or wondering how the recent IRS updates could impact you, this episode is packed with all the essential details you need. Whether you're an individual or supporting a family, understanding the 2024 HSA landscape is crucial. Let's unravel the intricacies together. Make sure to check out the blog post as well here: HSA Contribution Limits for 2024: What's New and How You Can Benefit | StatonWalsh

1. Introduction
   • Quick overview of the evolving landscape of HSA contributions.
   • The significance of 2024 for individuals and families regarding HSA changes.
2. The 2024 HSA Contribution Landscape
   • Announcement of the new HSA contribution limits:
     • $4,150 for individuals (up from $3,850 in 2023).
     • $8,300 for families (up from $7,750 in 2023).
   • Emphasis on the expanded opportunity to save and cater for healthcare expenses.
3. Understanding the Reason for the Leap
   • Explanation of annual HSA adjustments in relation to inflation.
   • Information on calculation basis provided by the Society for Human Resource Management (SHRM): Consumer Price Index.
   • Historical perspective: comparing the 5.5% increase from 2022 to 2023 with the previous 1.4% rise from 2021 to 2022.
4. The Advantages of Higher HSA Contribution Limits
   • The correlation between HSAs and high-deductible health plans (HDHPs).
   • The growing trend: Asset growth in HSAs, highlighted by the recent milestone of $100 billion, as reported by HSA consultant Devenir Group LLC.
5. Eligibility and Updates to HDHPs
   • Criteria for HSA contribution eligibility.
   • Deductible requirements for 2024:
     • Self-only coverage: $1,600 (a rise from $1,500 in 2023).
     • Family coverage: $3,200 (an increase from $3,000 in 2023).
   • Update on employer contribution limits to health reimbursement arrangements for 2024: $2,100, marking an increase from the 2023 limit of $1,950.
6. What Does the Future Hold?
   • Encouraging listeners to leverage the new HSA limits for their financial and health insurance strategies.
   • The overarching theme: The raised HSA contribution limits empower individuals to better manage their healthcare costs.
7. Closing Thoughts
   • Recap of key takeaways from the episode.
   • The importance of staying informed and proactive in the face of such changes.

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This podcast is for informational purposes only. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. StatonWalsh and Founder’s Financial Securities do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.
Ryan Staton is an Investment Advisor of, and securities offered through, Founders Financial Securities, LLCMember FINRA/SIPC and Registered Investment Advisor.
Devin Walsh is an Investment Advisor of, and securities offered through, Founders Financial Securities, LLCMember FINRA/SIPC and Registered Investment Advisor.
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