In 2025, the IRS has raised the contribution limits for health savings accounts (HSAs) to $4,300 for self-only coverage and $8,550 for family plans. This demonstrates the triple-tax advantages of HSAs for medical expenses. With these new limits, those who are eligible can now contribute up to $12,850 in total per year into their HSA.
To be eligible to contribute to an HSA, individuals must have an eligible high-deductible health insurance plan with a minimum deductible of $1,650 for self-only plans or $3,300 for family plans in 2025. While HSAs offer tax benefits such as an upfront deduction for contributions and no taxes on withdrawals for qualified medical expenses, only 19% of participants invest their balance according to a 2023 survey from the Plan Sponsor Council of America.
Most HSA savers miss out on growth opportunities by leaving their savings in cash. It is important for individuals to understand how their money can grow through investments within their HSA. A finance expert suggests that writing a will goes beyond just financial planning as it ensures that one’s wishes are carried out after their passing and can provide peace of mind during the difficult time following a loved one’s death.
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