© Copyright 2016 ADP LLC. 5800 Windward Pkwy | Alpharetta, GA 30005
Please Contact Us for More Information: 800-000-0000
Author: ADP Admin/Tuesday, May 30, 2023/Categories: Compliance Corner
The Internal Revenue Service (IRS) via Revenue Procedure 2023-23 has released the inflation-adjusted contribution limitations for calendar year 2024 in relation to health savings accounts (HSAs) and high-deductible health plans (HDHPs).
These limits are indexed for inflation and released annually by June 1st for the following year, as required under the Tax Relief and Health Care Act of 2006.
The Details:
2024 HSA and HDHP Coverages
Self-only HDHP
Family HDHP
Annual HSA Contribution Limits
$4,150* (Up $300 from 2023)
$8,300* (Up $550 from 2023)
Annual HDHP Minimum Deductibles
$1,600 (Up $100 from 2023)
$3,200 (Up $200 from 2023)
HDHP Out-of-Pocket Limits1
$8,050 (Up $550 from 2023)
$16,100 (Up $1,100 from 2023)
1 Includes deductibles, co-payments, and other amounts, but not premiums.
* An individual who has reached the age of 55 by the end of the calendar year may contribute an additional $1,000 per year.
Have Questions?
Please contact your dedicated service professional with any questions.