IRS Announces Inflation Adjustments to Health Savings Account Limits for 2024
May 16, 2023 - The Internal Revenue Service (IRS) issued 2024 inflation adjustments to health savings account (HSA) limits in Rev. Prc. 2023-23. This ruling increased the health savings account (HSA) annual contribution limit for self-only coverage to $4,150 for calendar year 2024, an increase of $300 over the 2023 limit of $3,850. The family contribution limit was also increased to $8,300 for calendar year 2024, an increase of $550 over the 2023 limit of $7,750.
The Section 223 minimum deductible requirement for 2024 also increased to $1,600 for self-only and $3,200 for family coverage. Annual out-of-pocket expenses (including co-payments, deductibles, and other amounts, but excluding premiums) for 2024 may not exceed $8,050 for self-only coverage or $16,100 for family coverage.
| Annual Limits | 2022 | 2023 | 2024 |
|---|---|---|---|
| §223 Minimum Deductible | |||
| Employee Only | $1,400 | $1,500 | $1,600 |
| Family | $2,800 | $3,000 | $3,200 |
| HSA Contribution Limit | |||
| Employee Only | $3,650 | $3,850 | $4,150 |
| Family | $7,300 | $7,750 | $8,300 |
Please contact your business development partner or account manager at 800.532.3327 with questions regarding this adjustment.