2024 Inflation Adjusted Amounts for HSAs

The IRS released the inflation adjustments for health savings  accounts (“HSAs”) and their accompanying high deductible  health plans (“HDHPs”) effective for calendar year 2024,  and the maximum amount that may be made available  for excepted benefit health reimbursement arrangements  (“HRAs”). All limits increased from the 2023 amounts. 

Annual Contribution Limitation 

For calendar year 2024, the limitation on deductions for an  individual with self-only coverage under a high deductible  health plan is $4,150; the limitation on deductions for an  individual with family coverage under a high deductible  health plan is $8,300. 

High Deductible Health Plan 

For calendar year 2024, a “high deductible health plan” is  defined 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, and the annual out-of-pocket expenses  (deductibles, co-payments, and other amounts, but not  premiums) do not exceed $8,050 for self-only coverage or $16,100 for family coverage. 

Non-calendar year plans: In cases where the HDHP renewal  date is after the beginning of the calendar year (i.e., a fiscal  year HDHP), any required changes to the annual deductible  or out-of-pocket maximum may be implemented as of the  next renewal date. See IRS Notice 2004-50, 2004-33 I.R.B.  196, Q/A-86 (Aug.16, 2004). 

Catch-Up Contribution 

Individuals who are age 55 or older and covered by a  qualified high deductible health plan may make additional  catch-up contributions each year until they enroll in Medicare.  The additional contribution, as outlined by the statute, is  $1,000 for 2009 and thereafter. 

Excepted Benefit HRA Adjustment

 For plan years beginning in 2024, the maximum amount for  an excepted benefit HRA that may be made newly available  for the plan year is $2,100.