On May 16, 2023, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2024. The IRS is required to publish these limits by June 1 of each year.
These limits include:
The maximum HSA contribution limit;
The minimum deductible amount for HDHPs; and
The maximum out-of-pocket expense limit for HDHPs.
These limits vary based on whether an individual has self-only or family coverage under an HDHP.
Eligible individuals with self-only HDHP coverage will be able to contribute $4,150 to their HSAs for 2024, up from $3,850 for 2023. Eligible individuals with family HDHP coverage will be able to contribute $8,300 to their HSAs for 2024, up from $7,750 for 2023. Individuals age 55 or older may make an additional $1,000 “catch-up” contribution to their HSAs.
The minimum deductible amount for HDHPs increases to $1,600 for self-only coverage and $3,200
for family coverage for 2024 (up from $1,500 for self-only coverage and $3,000 for family coverage for 2023). The HDHP maximum out-of-pocket expense limit increases to $8,050 for self-only coverage and $16,100 for family coverage for 2024 (up from $7,500 for self-only coverage and $15,000 for family coverage for 2023).
Action Steps
Employers that sponsor HDHPs should review their plan’s cost-sharing limits (minimum deductibles and maximum out-of-pocket expense limit) when preparing for the plan year beginning in 2024. Also, employers that allow employees to make pre-tax HSA contributions should update their plan communications for the increased contribution limits.
HSA/HDHP Limits
The following chart shows the HSA and HDHP limits for 2024 as compared to 2023. It also includes the catch-up contribution limit that applies to HSA-eligible individuals who are age 55 or older, which is not adjusted for inflation and stays the same from year to year.
Type of Limit | | 2024 | 2023 | Change |
HSA Contribution Limit | Self-only | $4,150 | $3,850 | Up $300 |
HSA Contribution Limit | Family | $8,300 | $7,750 | Up $550 |
HSA Catch-up Contributions (not subject to adjustment for inflation) | Age 55 or older | $1,000 | $1,000 | No change |
HDHP Minimum Deductible | Self-only | $1,600 | $1,500 | Up $100 |
HDHP Minimum Deductible | Family | $3,200 | $3,000 | Up $200 |
HDHP Maximum Out-of-pocket Expense Limit (deductibles, copayments and other amounts, but not premiums) | Self-only | $8,050 | $7,500 | Up $550 |
HDHP Maximum Out-of-pocket Expense Limit (deductibles, copayments and other amounts, but not premiums) | Family | $16,100 | $15,000 | Up $1,100 |
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