Health Savings Account limits will increase for 2024. The increase, based on inflation numbers, is the largest increase in some time.
Starting in 2024, the annual limit on HSA contributions for self-only coverage will be $4,150. This is an increase from the $3,850 limit this year. The annual limit on HSA contributions for family coverage will be $8,300, an increase from the $7,750 limit this year. Individual as age 55 and older can make an additional $1,000 contribution to their HSA.
The corresponding high deductible health plan limits are also increasing in 2024. A HDHP must have a deductible of $1,600 for self-only coverage or $3,200 for family coverage next year. Out of pocket maximums will not be allowed to exceed $8,050 for self-only coverage (an increase from $7,500) or $16,100 for family coverage (an increase from $15,000).
The health reimbursement account limit will increase to $2,100 in 2024.
The changes are set forth in IRS Revenue Procedure 2023-23 which may be accessed by clicking here.