The Internal Revenue Service (IRS) has announced the 2024 HSA limits. Similar to 2023, due to inflation, the numbers increased more than usual.
- The annual contribution limit for individuals with self-only coverage increased from $3,850 to $4,150.
- The annual contribution limit for family coverage increased from $7,750 to $8,300.
- The High Deductible Health Plan (HDHP) minimum deductibles increased from $1,500 to $1,600 for self-only coverage and from $3,000 to $3,200 for family coverage.
- Out-of-pocket maximums increased from $7,500 to $8,050 for self-only coverage and from $15,000 to $16,100 for family coverage.
TRI-AD will continue to keep you up-to-date as the IRS releases the cost of living adjustments for other benefit accounts.
IRS Revenue Procedure 2023-23 containing adjusted limits:
https://www.irs.gov/pub/irs-drop/rp-23-23.pdf
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