Health Savings Account Benefits: Triple Tax Advantage Explai
By IRS Publication Office | 6 min read
Maximize the triple tax advantage of Health Savings Accounts. IRS contribution limits and withdrawal rules for 2024.
Health Savings Accounts offer the best tax benefits available according to the IRS. Here's how HSAs work: Tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses. 2024 contribution limits: $4,150 individual, $8,300 family, plus $1,000 catch-up if 55+. HSAs can be used as retirement accounts after age 65, with withdrawals taxed as ordinary income for non-medical expenses.\n\n**Related Resources**\n- [Financial Planning Tools](/tools)\n- [Budget Calculator](/budget-planner)\n- [Credit Guide](/category/Debt%20%26%20Credit)\n- [Money Saving Tips](/category/Save%20Money)