2024 HSA Limits on Contributions Increase 7%
The IRS has released Revenue Procedure 2023-23 notifying Health Savings Account owners of the funding and deductible limits effective January 1, 2024. The Department of Treasury is reacting to continued inflation pressures in our economy with the greatest increase in contribution limits to date.
Annual HSA Contribution Limits
Single – $4,150 ($300 increase from 2023)
Family – $8,300 ($550 increase from 2023)
Annual Minimum Required Deductibles
Single – $1,600 ($100 increase from 2023)
Family – $3,200 ($200 increase from 2023)
Single – $8,050 ($550 increase from 2023)
Family – $16,100 ($1,100 increase from 2023)
The Society for Human Resource Managers has a good breakdown chart of this here:
IRS Gives Big Boost to HSA, HDHP Limits in 2024 (shrm.org)
HSA Reporting Reminder:
If you are 55 years old or older and enrolled in a high deductible health plan an additional $1,000 can be added to these total amounts. This is considered a “Catch-up” contribution.
For more information on Health Savings Account (HSA) eligibility and utilization please contact your KBM Management Account Executive today.