IRS Bumps Up HSA Contribution Limits for 2024

The IRS on Tuesday released the 2024 inflation-adjusted amounts for health savings accounts, and the big takeaway is employees will be able put more money in their HSAs next year.

Here is a quick breakdown of the new HSA and high-deductible health plan contribution limits for 2024, according to the IRS:

• Annual contribution limits: $4,150 for self-only coverage (up from $3,850 in 2023) and $8,300 for family coverage (up from $7,750 in 2023).
• HDHP annual deductible: $1,600 for self-only coverage (up from $1,500 in 2023) and $3,200 for family coverage (up from $3,000 in 2023).
• HDHP out-of-pocket expense maximum (deductibles, copayments, and other amounts, but not premiums): $8,050 for self-only coverage (up from $7,500 in 2023) and $16,100 for family coverage (up from $15,000 in 2023).