The Internal Revenue Service (IRS) outlined the 2024 health savings account (HSA) contribution limits in a recent announcement, noting some of the largest increases within recent years. Contribution limits for HSAs are updated annually. Effective January 1, 2024, individuals with self-only coverage may contribute up to $4,150 annually to their HSA. Those with family coverage are capped at $8,300 in annual contributions. These updated contribution limits mark at least 7% increases from their 2023 limits.
HSAs are tax-exempt accounts that help people save money for eligible medical expenses. To qualify for an HSA, the policyholder must be enrolled in an HSA-qualified, high deductible health plan (HDHP), must not be covered by other non-HDHP health insurance or Medicare and cannot be claimed on a tax return.
| HEALTH SAVINGS ACCOUNT (HSA) LIMITS | 2024 | 2023 |
| SELF-ONLY CONTRIBUTION (employee + employer) |
$4,150 | $3,850 |
| FAMILY CONTRIBUTION (employee + employer) |
$8,300 | $7,750 |
| HSA CATCH-UP CONTRIBUTION (55 and over) |
$1,000 | $1,000 |
|
SELF-ONLY HDHP MINIMUM DEDUCTIBLE |
$1,600 | $1,500 |
|
FAMILY HDHP MINIMUM DEDUCTIBLE |
$3,200 | $3,000 |
| SELF-ONLY HDHP MAXIMUM OUT-OF-POCKET | $9,050 | $7,500 |
|
FAMILY HDHP MAXIMUM OUT-OF-POCKET |
$16,100 | $15,000 |
For more information, contact your Bukaty benefits consultant at 913.345.0440