IRS increases HSA contribution limits for 2024

May 17, 2023

The IRS on Tuesday, May 16, released the 2024 inflation-adjusted amounts for health savings accounts, and the big takeaway is employees will be able to put more money in their HSAs next year.

Next year, employees can contribute up to $4,150 to an individual health savings account for 2024 — a $300 increase. The limit for families will be $8,300, which is $550 higher than the current limit.

The IRS will also define high-deductible health plans as those with an annual deductible of at least $1,600 for individual coverage or $3,200 for family coverage, and for which annual out-of-pocket expenses don’t exceed $8,050 for individual coverage or $16,100 for family coverage. Read more.

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