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.
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