On May 16, 2023, the IRS has released the Health Savings Account (HSA) and High Deductible Health Plan (HDHP) limits for 2024. These limits will go into effect on January 1, 2024.
HSA Contribution Limits
Individual: The HSA limit increased to $4,150 (up $300 from $3,850 in 2023).
Family: The HSA limit increased to $8,300 (up $550 from $7,750 in 2023).
55 & Older: Those over age 55 can continue to contribute an extra $1,000 per year.
Remember, you can only contribute to an HSA if you're in a qualified high-deductible health plan.
HDHP Minimum Deductible
The minimum deductible amount for HDHPs increases to $1,600 for self-only coverage and $3,200 for family coverage for 2024 (up from $1,500 for self-only coverage and $3,000 for family coverage for 2023).
HDHP Out-of-Pocket Maximum
The HDHP maximum out-of-pocket expense limit increases to $8,050 for self-only coverage and $16,100 for family coverage for 2024 (up from $7,500 for self-only coverage and $15,000 for family coverage for 2023).
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