Compliance Alert: Maximum annual 2024 contribution limits for HSAs under HDHPs
On May 16, 2023, the Internal Revenue Service released updates to the maximum annual 2024 contribution limits for health savings accounts (HSAs) under high deductible health plans (HDHPs).
These limits, which have increased slightly from 2023, apply to both individual and family coverage. The updates also include deductible minimums and out-of-pocket (OOP) expense limits for HDHPs and an increase to the maximum amount that may be made newly available for excepted benefit health reimbursement arrangements (HRAs). Of note, the HSA, HDHP, and out-of-pocket thresholds apply for the 2024 calendar year, while the HRA maximum applies to the 2024 plan year.
The 2024 limits are summarized below in comparison to the 2023 limits:
|Annual HSA Contribution Limits|
|Annual Minimum Deductibles for HDHPs|
|Self-only coverage||$1,600 or more||$1,500 or more|
|Family coverage||$3,200 or more||$3,000 or more|
|Annual Maximum Out-of-Pocket Expense Limits for HDHPs|
|Self-only coverage OOP expenses may not exceed||$8,050||$7,500|
|Family coverage OOP expenses may not exceed||$16,100||$15,000|
|Plan Year Excepted Benefit HRA Maximum|
|Maximum amount for a plan year||May not exceed $2,100||May not exceed $1,950|
MZQ Consulting, LLC
About the Authors This alert was prepared for Generous Benefits by MZQ Consulting, a Benefits Compliance firm that specializes in Affordable Care Act Reporting and numerous other employee benefits-related compliance services. Their mission is to help people navigate the complex world of employee benefits compliance through our deep expertise and superb client service.
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