The deadline to contribute to HSA is April 15th 2025!
Since HSAs first became available in 2004, almost 35 million people have opened one up, gaining access to a triple-tax-advantaged investment vehicle with serious savings power. HSAs can be used to pay for just about any out-of-pocket medical expense, making that cost entirely tax-free.
But the real power of an HSA is in growing it as much as you can, creating a pillow of $400,000, $700,000, or even $1,000,000 to protect you against medical costs in retirement.
The key to maximizing your HSA is making the full contribution every year. The 2025 HSA contribution deadline is April 15th.
2024 HSA Contribution Limits
For this year, the annual HSA contribution limits have increased to $4,150 for individuals, +$300 over 2023. For families, the annual limit has increased to $8,300, +$550 over 2023.
For 2025, the HSA contribution limit is $4,300 for an individual and $8,550 to a family.
If you’re making “catch-up” contributions, these are capped at $1,000 over the year’s annual limit. Catch up contribution limits for 2023 are $4,850 for individuals and $8,750 for families (plus another $1000 if both partners are over age 55).
Q: What are HSA catch up contributions?
HSA holders who are 55 years or older can contribute an additional $1,000 per year to their HSA. Like all HSA contributions, this is only until the individual turns 65 or enrolls in Medicare, and enrollment in an HDHP is required.
2025 HDHP Minimum Deductibles
In 2025, a high-deductible health plan (HDHP) must have a deductible of at least $1,650 for self-only coverage, up from $1,600 in 2024, or $3,300 for family coverage, up from $3,200.
HSA Excess Contributions (Going Over the Limit)
In most cases, all HSA contributions that are above the annual limit will be subject to a 6% tax from the IRS. This excise tax will remain in effect for every year that the excess funds remain in your account.
Q: How do I Fix an Excess HSA Contribution?
Fixing common HSA mistakes is as easy as removing the funds from your account. In order to avoid the tax penalty, the funds (and any earned interest) need to be removed before the contribution deadline. The 2025 HSA contribution deadline is April 15th.
Compare Pricing on the Best HSA Plans Available
2024 HSA Rules – Frequently Asked Questions
Q: When is the 2024 HSA contribution deadline?
A: The 2024 HSA deadline has been extended to April 15th, 2025.
Q: Can spouses contribute to the same HSA?
A: Married couples cannot share a joint HSA. Two spouses that share an HDHP can open two different HSAs, but the overall contribution limit is still the same ($7,750 for 2023).
Q: How do I fix an excess HSA contribution?
A: To fix an excess HSA contribution, simply remove the excess funds from the account along with any additional earned interest. Excess funds that aren’t removed from the account by Tax Day are subject to a 6% fee for every year that they remain in the account. Details on how to fix this are on this page: How to Fix the Most Common HSA Mistakes.
Q: Is there an HSA reimbursement deadline for 2024?
A: According to the IRS, there is no deadline for reimbursing yourself for qualified medical expenses. Even if it’s years later, you can still withdraw tax-free HSA money to pay yourself back. This is why it’s important to keep all your receipts!
RELATED READS: Making Sense of Your HSA Tax Forms | Who Should Pay the HSA Contribution – The Business, or the Employee?
Not Contributing to an HSA?
The only way to open an HSA is to enroll in a high deductible health plan. For most people, this is only possible during Open Enrollment, which is at the end of the year.
But if you have moved, gotten married, or changed or lost your job, you could qualify for a Special Enrollment Period. If this applies to you and you need to enroll in new coverage, give us a call at 800-913-0172. You can also click here to schedule a no-cost enrollment consultation with a Personal Benefits Manager.
