May 24, 2023
IRS Announces Inflation Adjustments for 2024 HDHPs and HSAs
Applies to all groups, Individual & Family
The IRS announced the inflation adjustments for 2024 High Deductible Health Plans (HDHP) and Health Savings Accounts (HSA). These adjustments include maximum HSA contributions, minimum deductible amounts and maximum out-of-pocket limits. The following adjustments apply to the calendar year 2024.
Contributions to an HSA
For the calendar year 2024, the annual limit on contributions to an HSA under §223(b)(2)(A) for an individual with self-only coverage under an HDHP is $4,150. The annual limit on contributions to an HSA under §223(b)(2)(B) for an individual with family coverage under an HDHP is $8,300.
Additional Contribution Amount (Individuals Ages 55 and Older)
The catch-up contribution limit to an HSA under §223(b)(3)(B), is $1,000. There is no change from 2023.
High Deductible Health Plans
An HDHP is defined under §223(c)(2)(A) as a health plan with an annual deductible that is not less than $1,600 for self-only coverage or $3,200 for family coverage. The annual out-of-pocket expenses (i.e., deductibles, copayments and other amounts, but not premiums) do not exceed $8,050 for self-only coverage or $16,100 for family coverage.
2024 |
2023 |
|
Minimum Individual Deductible |
$1,600 |
$1,500 |
Minimum Family Deductible |
$3,200 |
$3,000 |
Maximum Individual OOP |
$8,050 |
$7,500 |
Maximum Family OOP |
$16,100 |
$15,000 |
Maximum Individual Contribution |
$4,150 |
$3,850 |
Maximum Family Contribution |
$8,300 |
$7,750 |
Minimum Individual Embedded Deductible |
$3,200 |
$3,000 |
Minimum Family Embedded Deductible |
$3,200 |
$3,000 |
Please note that the HDHP limits on out-of-pocket expenses and the maximum out-of-pocket limits under the Affordable Care Act are NOT the same. The maximum out-of-pocket limits for 2024 are $9,450 for self-only coverage and $18,900 for non self-only coverage.
