You are about to leave Risk Strategies website and view the content of an external website.
You are leaving risk-strategies.com
By accessing this link, you will be leaving Risk Strategies website and entering a website hosted by another party. Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of Risk Strategies website. We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than those of Risk Strategies.
The Internal Revenue Service (IRS) recently announced in Revenue Procedure 2023-23 inflation adjustments to the applicable dollar limits for health savings accounts (HSAs) and high-deductible health plans (HDHPs) for 2024, along with the maximum amount for excepted benefit health reimbursement arrangements (EBHRAs)[1] for 2024.
The table below compares the applicable dollar limits for HSAs, HDHPs, and EBHRAs for 2024 and 2023.
Plan Limits |
2024 |
2023 |
Change from 2023 |
|
HSAs – annual contribution limit[2] |
Self-only coverage |
$4,150 |
$3,850 |
Increase of $300 |
Family coverage |
$8,300 |
$7,750 |
Increase of $550 |
|
HSAs – catch-up contribution limit |
Age 55 or older |
$1,000 |
$1,000 |
No change |
HDHPs – minimum annual deductible |
Self-only coverage |
$1,600 |
$1,500 |
Increase of $100 |
Family coverage |
$3,200 |
$3,000 |
Increase of $200 |
|
HDHPs – maximum annual out-pocket limit (deductibles, copayments, and other amounts, excluding premiums) |
Self-only coverage |
$8,050 |
$7,500 |
Increase of $550 |
Family coverage |
$16,100 |
$15,000 |
Increase of $1,100 |
|
EBHRAs– maximum amount |
|
$2,100 |
$1,950 |
Increase of $150 |
Risk Strategies is here to help. Contact us directly at benefits@risk-strategies.com
[1] Employers offer EBHRAs to reimburse the cost of excepted benefits (such as limited-scope dental or vision coverage) as well as short-term, limited-duration insurance plan premiums.
[2] Includes both employee and employer contribution amount limits.
The contents of this article are for general informational purposes only and Risk Strategies Company makes no representation or warranty of any kind, express or implied, regarding the accuracy or completeness of any information contained herein. Any recommendations contained herein are intended to provide insight based on currently available information for consideration and should be vetted against applicable legal and business needs before application to a specific client.