What Are the FSA and HSA Contribution Limits for 2024?

Health Savings Account (HSA) and Flexible Spending Account (FSA) contribution limits for 2024 are higher than they were last year.

White piggy bank with stethoscope on a blue background
(Image credit: Getty Images)

Contributing to a medical savings account, such as an HSA (Health Savings Account) or FSA (Flexible Spending Account) can lower your taxable income. That’s because your contributions to these accounts are tax-free. However, there are limits to how much you can contribute to an HSA or FSA each year. And if you exceed those contribution limits, you could face financial penalties. Here's some good news, though: the HSA and FSA contribution limits are higher for 2024 than they were last year.

Here's what you need to know.

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Katelyn Washington
Former Tax Writer

Katelyn has more than 6 years of experience working in tax and finance. While she specialized in tax content while working at Kiplinger from 2023 to 2024, Katelyn has also written for digital publications on topics including insurance, retirement, and financial planning and had financial advice commissioned by national print publications. She believes knowledge is the key to success and enjoys providing content that educates and informs.