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Taxes

IRS Bumps Up HSA Contribution Limits for 2024

The new inflation-adjusted amounts mean employees will be able to put more money in their HSAs next year than this year.

Jason Bramwell

May. 18, 2023

The IRS on Tuesday released the 2024 inflation-adjusted amounts for health savings accounts, and the big takeaway is employees will be able put more money in their HSAs next year.

Here is a quick breakdown of the new HSA and high-deductible health plan contribution limits for 2024, according to the IRS:

  • Annual contribution limits: $4,150 for self-only coverage (up from $3,850 in 2023) and $8,300 for family coverage (up from $7,750 in 2023).
  • HDHP annual deductible: $1,600 for self-only coverage (up from $1,500 in 2023) and $3,200 for family coverage (up from $3,000 in 2023).
  • HDHP out-of-pocket expense maximum (deductibles, copayments, and other amounts, but not premiums): $8,050 for self-only coverage (up from $7,500 in 2023) and $16,100 for family coverage (up from $15,000 in 2023).

The increases are detailed in Revenue Procedure 2023-23 and go into effect in January 2024.