2024 Health Savings
Account Limits Released
Client Alert Applies To: Self-Funded, Fully-Funded, Large Group, and Small Group
In a Revenue Procedure, the IRS has provided the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs), which are as follows:
- Annual contribution limitation: For calendar year 2024, the annual contribution limitation for an individual with self-only coverage under a Qualified High Deductible Health Plan (QHDHP) is $4,150; the amount is $8,300 for an individual with family coverage.
- High deductible health plan minimum deductible: For calendar year 2024, a QHDHP must have an annual deductible that is not less than $1,600 for self-only coverage or $3,200 for family coverage, and annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) cannot exceed $8,050 for self-only coverage or $16,100 for family coverage.
As with 2023 increases, the annual adjustments of HSA/QHDHP limits for 2024 are larger than usual due to continued high inflation over the past year.
