May 19, 2023

HSA and HDHP Limits Increased for 2024

Miller Canfield

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Miller Canfield

Earlier this week, the government released Revenue Procedure 2023-23 outlining the 2024 inflation adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs). An HSA is a tax-advantaged way for participants to save for out-of-pocket medical expenses. HDHPs are health plans that are characterized by a high deductible and high maximum out-of-pocket limit with low monthly premiums. HDHPs are typically paired with HSAs so that participants have access to tax-advantaged funds to cover current and/or future out-of-pocket medical expenses. The recently announced 2024 HSA and HDHP limits, effective January 1, 2024, are generally increased from 2023:

	2023 Limit	2024 Limit
HSA – contributions	$3,850 (self-only) $7,750 (family)	$4,150 (self-only) $8,300 (family)
HSA – catch up contributions (age 55+ only)	$1,000	$1,000
HDHP – Minimum Deductible	$1,500 (self-only) $3,000 (family)	$1,600 (self-only) $3,200 (family)
HDHP – Maximum Out of Pocket	$7,500 (self-only) $15,000 (family)	$8,050 (self-only) $16,100 (family)

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.