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Self-Directed HSA

Health Savings Accounts

A self-directed HSA can reduce your health insurance premiums while you set aside funds to pay for current and future medical expenses.

HSA contributions are tax-deductible (subject to limitations), and withdrawals are tax-free when used for qualifying medical expenses.

If you want to take control of your health care costs—avoiding high premiums and complicated health plans—then an HSA could be the right plan for you. See the benefits below and talk to an IRA Counselor to learn more.

These are just some of the benefits of an HSA:

  • Lower premium costs— by enrolling in a mandatory high deductible health plan you potentially reduce your monthly premiums.
  • Contributions are tax deductible (subject to limitations).
  • Contributions can be invested (similar to a self-directed IRA)—with a self-directed HSA, funds can be invested with the possibility of accumulating tax-free or tax-deferred profits in investments that you know best.
  • Distributions are tax-free when money is withdrawn to pay for qualified medical expenses.
  • Contributions can be carried over from one tax year to the next—unlike the “use it or lose it” requirement imposed upon flexible spending accounts.

Free Guide

Discover the Triple Tax Benefits of a Self-Directed Health Savings Account

Eligibility and Contribution Limits

In order to establish an HSA, you must first be covered under a high-deductible health plan (HDHP).

Furthermore, you cannot be enrolled in any other type of health insurance coverage unless such coverage is considered disregarded coverage.

Disregarded coverage includes insurance related to accident, disability, vision, dental care or long-term care. This also includes insurance providing coverage regarding a special disease or illness or insurance paying a fixed amount per day for hospitalization coverage.

You are not eligible for an HSA if you:

  • Are enrolled in Medicare Part D or in any other Medicare benefit program
  • Can be claimed as a dependent on someone else’s tax return

It is important to note that an HDHP can offer either self-only or family coverage. Below are contribution limits and the requirements for eligibility.

HSAs and tax treatment

2023 – HSA Contribution Limits

Health Savings Account (HSA) Contribution Limits
High Deductible
Health Plan Coverage
Standard Limit
(under age 55)
Catch-up Limit
(Age 55 – 65, 65 and older if you qualify)
Individual (Self Only) $3,850 $4,850
Family $7,750 $8,750
Health Plan Requirements
High Deductible
Health Plan Coverage
Minimum Deductible
of at Least:
Annual Out-of-Pocket Expense Limit
Individual (Self Only) $1,500 $7,500
Family $3,000 $15,000
2023 HSA Contribution Deadline is 4/15/2024.

2024 – HSA Contribution Limits

Health Savings Account (HSA) Contribution Limits
High Deductible
Health Plan Coverage
Standard Limit
(under age 55)
Catch-up Limit
(Age 55 – 65, 65 and older if you qualify)
Individual (Self Only) $4,150 $5,150
Family $8,300 $9,300
Health Plan Requirements
High Deductible
Health Plan Coverage
Minimum Deductible
of at Least:
Annual Out-of-Pocket Expense Limit
Individual (Self Only) $1,600 $8,050
Family $3,200 $16,100
2024 HSA Contribution Deadline is 4/15/2025.

For more HSA information see IRA Publication 969.


What Makes an HSA Self-Directed?

When a Health Savings Account is referred to as a self-directed account, it simply means you can use the account invest in areas outside of the traditional stocks and bonds. That’s the primary difference between a self-directed and traditional retirement account — where you put those investment dollars. Yes, even a Health Savings Account can grown with alternative investments.

With a self-directed Health Savings Account, you can invest in a variety of areas, including:

  • Real estate
  • Private debt like corporate debt offerings, notes secured by deeds of trust or mortgages
  • Private equity-like stock of C-corporations, limited partnerships, LLCs and REITs
  • Precious metals, including gold, silver, platinum, and palladium
  • Cryptocurrency like Bitcoin

Health Savings Account FAQs

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Let’s talk about your financial future.

Schedule a one-on-one session with an expert alternative investment counselor. We’re here to answer any questions, help guide you through the process, and provide more detailed information and education specific to your journey.

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