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).
The increases are detailed in Revenue Procedure 2023-23 and go into effect in January 2024.
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Tags: Human Resources, IRS, Small Business, Taxes
