2024 HSA Limits

The IRS recently released 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs) and high deductible health plans (HDHPs) via Revenue Procedure 2023-23.

With inflation still at high levels, this is the second consecutive year of unusually large increases to the HSA contribution limits. The 2024 HSA contribution limits are as follows: $4,150 for self-only coverage ($300 increase); and $8,300 for family coverage ($550 increase).

Additionally, the minimum deductible amount and maximum out-of-pocket expense limit for HDHPs have increased. The below table summarizes these adjustments and compares the applicable dollar limits for HSAs and HDHPs for 2023 vs. 2024.

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Please note: This update is not intended to be exhaustive, nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel for legal advice.