2024 Limits For Health Savings Accounts (HSA) And High Deductible Health Plans (HDHP)
The IRS released the 2024 Health Savings Account (HSA) contribution limits, the minimum required HDHP deductibles, and the HDHP out-of-pocket maximums. Each year, the IRS reviews these figures based on a cost-of-living adjustment. The figures below pertain to HSAs and HSA-qualified High Deductible Health Plans.
2024 Annual HSA Contribution Limits
Single: $4,150 ($3,850 in 2023)
Family: $8,300 ($7,750 in 2023)
2024 Annual Minimum HDHP Required Deductibles
Single: $1,600 ($1,500 in 2023)
Family: $3,200 ($3,000 in 2023)
2024 HDHP Out-of-Pocket Maximums
Single: $8,050 ($7,500 in 2023)
Family: $16,100 ($15,000 in 2023)
Federal rules permit catch-up contributions to HSAs if the accountholder is 55 or older, allowing an increase in annual contributions up to an additional $1,000 per year. Accountholders are eligible for this extra contribution if they are 55 years or older, or turning 55 anytime during that year. If the accountholder’s spouse is also turning 55, the spouse cannot contribute their catch-up contribution to the accountholder’s HSA. However, if the spouse meets the eligibility requirements, they can open their own HSA and contribute catch-up contributions to that account.
More information can be found at: