2024 Inflation Adjusted Amounts for HSAs
The IRS released the inflation adjustments for health savings
accounts (“HSAs”) and their accompanying high deductible
health plans (“HDHPs”) effective for calendar year 2024,
and the maximum amount that may be made available
for excepted benefit health reimbursement arrangements
(“HRAs”). All limits increased from the 2023 amounts.
Annual Contribution Limitation
For calendar year 2024, the limitation on deductions for an
individual with self-only coverage under a high deductible
health plan is $4,150; the limitation on deductions for an
individual with family coverage under a high deductible
health plan is $8,300.
High Deductible Health Plan
For calendar year 2024, a “high deductible health plan” is
defined 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, and the annual out-of-pocket expenses
(deductibles, co-payments, and other amounts, but not
premiums) do not exceed $8,050 for self-only coverage
or $16,100 for family coverage.
Non-calendar year plans: In cases where the HDHP renewal
date is after the beginning of the calendar year (i.e., a fiscal
year HDHP), any required changes to the annual deductible
or out-of-pocket maximum may be implemented as of the
next renewal date. See IRS Notice 2004-50, 2004-33 I.R.B.
196, Q/A-86 (Aug.16, 2004).
Catch-Up Contribution
Individuals who are age 55 or older and covered by a
qualified high deductible health plan may make additional
catch-up contributions each year until they enroll in Medicare.
The additional contribution, as outlined by the statute, is
$1,000 for 2009 and thereafter.
Excepted Benefit HRA Adjustment
For plan years beginning in 2024, the maximum amount for
an excepted benefit HRA that may be made newly available
for the plan year is $2,100.
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