2024 Inflation Adjusted Amounts for Health Savings Accounts (HSAs)

Recently, the Internal Revenue Service (IRS) announced (See Revenue Procedure 2023-23) cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs), high-deductible health plans (HDHPs) and excepted benefit health reimbursement arrangements (HRAs) for 2024. All of the dollar limits currently in effect for 2023 will change for 2024, with the exception of one limit. The HSA catch-up contribution for individuals ages 55 and older will not change as it is not subject to cost-of-living adjustments.

The table below compares the applicable dollar limits for HSAs, HDHPs and excepted benefit HRAs for 2023 and 2024.

HDHP – Maximum annual out-of-pocket limit (excluding premiums)      
Self-only coverage $7,500 $8,050
Family coverage $15,000 $16,100
HDHP – Minimum annual deductible      
Self-only coverage $1,500 $1,600
Family coverage $3,000 $3,200
HSA – Annual contribution limit      
Self-only coverage $3,850 $4,150
Family coverage $7,750 $8,300
Catch-up contributions (ages 55 and older) $1,000 = $1,000
Excepted Benefit HRA      
Annual contribution limit $1,950 $2,100

Next Steps

Plan sponsors should update payroll and plan administration systems for the 2024 cost-of-living adjustments and incorporate the new limits in relevant participant communications. Include open enrollment and communication materials, plan documents and summary plan descriptions.

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