On May 16, 2023, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2024. The IRS is required to publish these limits by June 1 of each year.
These limits include:
- The maximum HSA contribution limit;
- The minimum deductible amount for HDHPs; and
- The maximum out-of-pocket expense limit for HDHPs.
2024 HSA and HDHP Limits
The following chart shows the HSA and HDHP limits for 2024 as compared to 2023. It also includes the catch-up contribution limit that applies to HSA-eligible individuals who are age 55 or older, which is not adjusted for inflation and stays the same from year to year.
| Type of Limit |
2023 |
2024 |
Change |
|
|
HSA Contribution Limit |
Self-only | $3,850 | $4,150 |
+$300 |
|
Family |
$7,750 | $8,300 |
+$550 |
|
| HSA Catch-up Contributions Not subject to inflation adjustment |
Age 55 or older |
$1,000 | $1,000 |
No change |
|
HDHP Minimum Deductible |
Self-only | $1,500 | $1,600 |
+$100 |
|
Family |
$3,000 | $3,200 |
+$200 |
|
| HDHP Maximum Out-of-Pocket Expense Limit Deductibles, copayments and other amounts, but not premiums |
Self-only |
$7,500 | $8,050 |
+$550 |
|
Family |
$15,000 | $16,100 |
+$1,100 |
|
Action Steps
Employers that sponsor HDHPs should review their plan’s cost-sharing limits (minimum deductibles and maximum out-of-pocket expense limit) when preparing for the plan year beginning in 2024. Also, employers that allow employees to make pre-tax HSA contributions should update their plan communications for the increased contribution limits.
This Compliance Bulletin 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. ©2021 Zywave, Inc. All rights reserved.
