On May 16, the Internal Revenue Service (IRS) announced the health savings accounts (HSA) contribution limits, as adjusted for inflation, for 2024. Also included in the announcement were inflation adjustments to minimum permissible deductibles under a high deductible health plan (HDHP), and maximum out-of-pocket costs allowable under an HDHP. The 2024 limits are:

• $4,150 for self-only coverage under an HDHP. That is an increase from the $3,850 that could be contributed to an HSA combined with an HDHP in 2023.
• $8,300 for family coverage, up from this year’s $7,750.

Also increasing in 2024 due to inflation are minimum deductibles that can be charged by an HDHP.

• *For self-only coverage, the minimum deductible will be $1,600 (up from $1,500).
• For family coverage, the minimum deductible will be $3,200, up from $3,000 this year.

The limits on inflation-adjusted out-of-pocket (OOP) expenses (generally, deductibles and copayments) under an HDHP are:

• For self-only coverage, $8,050 (up from $7,500 in 2023) in 2024.
• For family coverage, $16,200 in 2024, up from $15,000 in 2023.

NAIFA Staff Contact: Jayne Fitzgerald – Director – Government Relations, at jfitzgerald@naifa.org.