The IRS has released Revenue Procedure 2023-23, which provides information on the limits for Health Savings Accounts (HSAs) for the 2024 calendar year. The annual contribution limit on deductions for individuals with self-only coverage under a high deductible health plan will be $4,150 (up $300 from 2023). The contribution limit for an individual with family coverage will be $8,300 (up $550 from 2023).
Minimum Deductible for HDHP:
In order for a health insurance plan to be considered a “High Deductible Health Plan” for 2024, the deductible must be at least $1,600 (up $100) for self-only coverage and $3,200 (up $200) for family coverage.
Maximum Out-of-Pocket:
For 2024, out-of-pocket expenses may not exceed $8,050 (up $550) for self-only coverage and $16,100 (up $1,100) for family coverage.
These changes will go into effect for calendar year 2024. Please note that these limits are subject to change.
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