Sept. 13, 2023
Reminder: IRS Inflation Adjustments for 2024 HDHPs, HSAs
As we communicated earlier, the IRS has announced the inflation adjustments for 2024 High Deductible Health Plans (HDHP) and Health Savings Accounts (HSA). These adjustments include maximum HSA contributions, minimum deductible amounts and maximum out-of-pocket limits. The following adjustments apply to the 2024 calendar year.
Contributions to an HSA
For the 2024 calendar year, the annual limitation on contributions to an HSA under §223(b)(2)(A) for an individual with self-only coverage under a HDHP is $ 4,150. The annual limitation on contributions to an HSA under §223(b)(2)(B) for an individual with family coverage under an HDHP is $8,300.
Additional Contribution Amount (Individuals Age 55 and Older)
The catch-up contribution limit to an HSA under §223(b)(3)(B), is $1,000. There is no change from 2023.
High Deductible Health Plans
An HDHP is defined under §223(c)(2)(A) 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. The annual out-of-pocket expenses (deductibles, copayments, and other amounts, but not premiums) do not exceed $8,050 for self-only coverage or $16,100 for family coverage.
2024 |
2023 |
|
Minimum Individual Deductible |
$1,600 |
$1,500 |
Minimum Family Deductible |
$3,200 |
$3,000 |
Maximum Individual OOP |
$8,050 |
$7,500 |
Maximum Family OOP |
$16,100 |
$15,000 |
Maximum Individual Contribution |
$4,150 |
$3,850 |
Maximum Family Contribution |
$8,300 |
$7,750 |
Minimum Individual Embedded Deductible |
$3,200 |
$3,000 |
Minimum Family Embedded Deductible |
$3,200 |
$3,000 |
Important clarification for HDHP/ACA/IRS limits
IRS limits on deductibles maximums apply to in-network coverage only. IRS limits DO NOT apply to out-of-network deductible minimums or OOP maximums.
