Benefits Buzz
2024 HDHP and HSA Limits Announced
Posted on June 15th, 2023
Last month the Internal Revenue Service (IRS) published Rev. Proc. 2023-23 which includes the 2024 limits for qualified high deductible health plans (HDHPs) and Health Savings Accounts (HSAs). Below is a summary of these limits:
Minimum Deductible to Qualify as an HDHP:
• Single-only HDHP coverage = $1,600 (an increase of $100 from 2023)
• Family HDHP coverage = $3,200 (an increase of $200 from 2023)
Maximum Out-of-Pocket Limit to Qualify as an HDHP
• Single-only HDHP coverage = $8,050 (an increase of $550 from 2023)
• Family HDHP coverage = $16,100 (an increase of $1,100 from 2023)
Annual HSA Contribution Limit
• Single-only HDHP coverage = $4,150 (an increase of $300 from 2023)
• Family HDHP coverage = $8,300 (an increase of $550 from 2023)
• Catch-up contribution (age 55 and older) = $1,000
Rev. Proc. 2023-23 also indicates the maximum reimbursement limit for an Excepted Benefit Health Reimbursement Arrangement (EBHRA) will increase to $2,100 for plan years beginning in 2024. This is an increase of $150 from 2023.
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