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.
These limits vary based on whether an individual has self-only or family
coverage under an HDHP.
- Eligible individuals with self-only HDHP coverage will be able to contribute
$4,150 to their HSAs for 2024, up from $3,850 for 2023.
- Eligible individuals with family HDHP coverage will be able to contribute $8,300 to their HSAs
for 2024, up from $7,750 for 2023.
- Individuals age 55 or older may make
an additional $1,000 “catch-up” contribution to their HSAs.
- The minimum deductible amount for HDHPs increases to $1,600 for self only
coverage and $3,200 for family coverage for 2024 (up from $1,500
for self-only coverage and $3,000 for family coverage for 2023).
- The HDHP maximum out-of-pocket expense limit increases to $8,050 for self-only
coverage and $16,100 for family coverage for 2024 (up from $7,500 for
self-only coverage and $15,000 for family coverage for 2023).
If you offer a H.S.A HDHP option, update your benefit guides and enrollment information. If you, as an employer, fund 100% of the H.S.A. eligible amount, you must increase your contribution level(s). If you have questions, download our guide (CLICK HERE) or call us at 800-362-2809.
We have several options for your H.S.A. program. Want to add an additional layer of protection for your employees, consider a Health Reimbursement Account (H.R.A.). Often, we can reduce premiums significantly by adding a HDHP and using a H.S.A., and or H.R.A.
Call our benefits team if you have questions and want additional information at 800-362-2809 or visit us online at : https://go.getagreatquote.com/grouphealth