As high inflation persists, taxpayers will have more disposable income to contribute to their HSAs in the coming year. The IRS has revealed that the HSA contribution limits would increase by one of the largest amounts in recent years in 2024. In 2023, the maximum annual HSA contribution for self-only coverage was $3,850; in 2024, it increased to $4,150, a 7.8% increase.
In 2024, a married couple aged 55 and over will be able to put away $10,300 into their HSAs, up from the $9,750 they can put away this year.
Related: Health savings accounts are a useful weapon against economic instability.
Beginning in January 2024, the IRS Revenue Procedure 2023-23 will outline the annual inflation-adjusted restrictions for HSA contributions. Limits and maximums for HSAs, HDHPs, and excepted-benefit HRA contributions are outlined by the IRS for 2024. With these estimates in hand, employers and their health plan partners may begin preparing for next year’s open enrollment period, which includes employee messaging about any changes to health benefits.
HSA & HDHP Limits
| 2023 | 2024 | |
| HSA contribution limit (Employer and employee) | Individual: $3,850Family: $7,750 | Individual: $4,150Family: $8,300 |
| Catch-up contributions for ages 55+ | $1,000 | $1,000 |
| .HDHP minimum qualifying deductible | Individual: $1,500Family: $3,000 | Individual: $1,600Family: $3,200 |
| HDHP maximum out-of-pocket limit | Individual: $7,500Family: $15,000 | Individual: $8,050Family: $16,100 |
| Excepted-benefit HRA contribution limit | $1,950 | $2,100 |
