The IRS recently announced the largest ever inflation-related increase in Health Savings Accounts (HSAs) contributions. For 2024, the maximum HSA contribution will be $8,300 for a family, and $4,150 for an individual. That’s up from $7,750 for a family and $3,850 for an individual in 2023.

Those age 55 and older can contribute an extra $1,000 each, which means that a married couple over 55 can contribute a maximum of $10,300 in 2024, up from $9,750 this year. That means a married couple age 55 could accumulate more than $100,000 in their HSA account in the ten years leading up to age 65, even without considering investment returns.

While there are more than 37 million HSA accounts holding $112.5 billion, HSAs are still misunderstood and underused by most Americans. To be