HSA Limits and Deductibles for 2024

HSA Limits for 2024 Already Announced by IRS

June 10, 2023
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The IRS announced the new 2024 HSA (Health Savings Account) contribution limits in mid-May 2023. Thanks to inflation over the past year or so, the increases are pretty significant as compared to historical patterns.

Any such increases are tied to the Chained Consumer Price Index to account for the effects of broad-based inflation.

The annual limit for self-only contributions in 2024 will be $4,150. For family coverage, the new limit will be $8,300. The $1,000 catch-up contribution remains for those who reach age 55 or older in the calendar year.

HSA Contribution Limits for 2024

The new limits for 2024 are summarized in the following table along with a comparison to the 2023 numbers. As a reminder, these amounts are for combined contributions from both the employee and employer.

Coverage2024 Limits2023 LimitsChange
Catch-Up (age 55+)$1,000$1,000None
Comparison of 2023 and 2024 HSA Contribution Limits

You can use these numbers to start planning for 2024. Because of the tax treatment of HSAs, they can be a solid part of your overall financial strategy.

HDHP Deductibles and Out-Of-Pocket Maximums for 2024

Of course, in order to use a Health Savings Account, you have to be enrolled in a High Deductible Health Plan (HDHP). The IRS defines what qualifies as an HDHP, and part of that standard includes both minimum annual deductibles and maximum out-of-pocket maximums.

As with the HSA limits, the minimums and maximums are re-evaluated each year against the relevant inflation rate. These new amounts are summarized below in two tables with a comparison to the current 2023 minimums.

Your plan might have a higher deductible.

Coverage2024 Minimum2023 MinimumChange
Comparison of 2023 and 2024 Minimum Deductibles for HDHPs

The total out-of-pocket maximum includes all payments you are responsible for under the plan, such as the deductible and any co-pays EXCLUDING the premiums. Your plan might have a lower out-of-pocket cap.

Coverage2024 Maximum2023 MaximumChange
Comparison of 2023 and 2024 Out-of-Pocket Maximums for HDHPs

In Closing

Use the newly-announced 2024 HSA contribution limits and deductible levels as you look ahead to next year’s financial plan. The increases are higher than normal, a reflection of the inflation we’ve seen throughout the economy in the past year or so.