For Consumers

Health savings accounts

What is an HSA?

Internal Revenue Service (IRS) rules may allow you to pay for your current health care expenses and save for future qualified health expenses on a tax-free basis through a health savings account (HSA).

You, your family members and your employer can make tax-deductible contributions to your account.

You can use your HSA to pay the deductible on your high-deductible health plan (HDHP) and any other qualified expenses your health plan doesn’t cover, such as vision and dental fees, and over-the-counter drugs.

Who qualifies for an HSA 

  • You must have a qualified HDHP.
  • You can’t have other health insurance, including Medicare Parts A or B.
  • You may have auto, dental, vision, disability and long-term care insurance that pays medical bills.

What qualifies as a HDHP?

In 2024, a health plan qualifies as a HDHP if it has:

High-deductible health plan criteria

Annual deductible of at least:

Maximum annual out-of-pocket expenses

Individual coverage



Family coverage



HDHPs must comply with state insurance laws and could include preventive care benefits.

You cannot open up an HSA if you do one of the following:

  • Enroll in Medicare
  • Received benefits from the Department of Veterans Affairs during the past three months
  • Currently participate in an employer-sponsored HSA

To find out if you qualify, check with your employer’s human resource department.

How much can you deposit into your HSA each year?

For 2024, the maximum amount you can deposit is:

  • $4,150 for single coverage
  • $8,300 for family coverage

If you're age 55 or older, you can deposit additional money (also called catch-up contributions) into your HSA account. The maximum annual catch-up contribution you can make is $1,000.

Where to buy an HSA

Contact your employer or health plan for more information.