On May 16, 2023, the IRS released the 2024 health savings accounts (HSAs) and high deductible health plans (HDHPs) inflation-adjusted amounts:
Annual HSA contribution limitation:
Self-coverage only: $4,150 ($300 increase from 2023)
Family coverage: $8,300 ($550 increase from 2023)
Annual catch-up contribution maximum:
$1,000 for HSA-eligible individuals age 55 or older (unchanged from 2023)
Minimum annual HDHP deductible:
Self-coverage only: $1,600 ($100 increase from 2023)
Family coverage: $3,200 ($200 increase from 2023)
Maximum annual HDHP out-of-pocket expenses (deductibles, copayments, and other nonpremium amounts):
Self-coverage only: $8,050 ($550 increase from 2023)
Family coverage: $16,100 ($1,100 increase from 2023)
This applies to all HDHPs regardless of whether they’re for essential health benefits or not.
These amounts are different from the Affordable Care Act (ACA) maximum out-of-pocket limits for plan years beginning in 2024 (proposed by the Department of Health and Human Services in December 2022) for non-grandfathered health plans, which are:
Self-coverage only: $9,450 ($350 increase from 2023)
Family coverage: $18,900 ($700 increase from 2023)
Unlike the HDHP out-of-pocket maximums, the ACA out-of-pocket maximums apply to in-network essential health benefits.