2024 Limits Announced for HSAs, High Deductible Health Plans, and Excepted Benefit HRAs

By: Megan Diehl, Manager, Compliance Consulting, MZQ Consulting

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
Self-only coverage$4,150$3,850
Family coverage$8,300$7,750
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
 2024 2023
Maximum amount for a plan yearMay not exceed $2,100May not exceed $1,950
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