Whether you have medical expenses coming up or you're just looking for a tax-advantaged place to put your retirement savings, a health savings account (HSA) can be a great tool. But like any tool, you need to understand how it works if you want to put it to best use. Here are three things you need to know before contributing to an HSA in 2024.

HSAs are only available to those with a qualifying health insurance plan. In 2024, you need an individual health insurance plan with a deductible of $1,600 or more or a family plan with a deductible of $3,200 or more. That's a slight increase from 2023, when you only needed deductibles of $1,500 or $3,000, respectively.

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Source Fool.com