IRS 2024 HSA contribution limits
The IRS announced an increase in HSA contribution limits for the 2024 tax year.
July 6, 2023
2024 HSA contribution limits
Each year, the Internal Revenue Service (IRS) sets contribution limits for health savings accounts (HSAs). The 2024 HSA contribution limits are as follows:
| Individual | Families | |
|---|---|---|
| Maximum HSA contribution level | $4,150 | $8,300 |
| Minimum deductible for qualifying high deductible health plan (HDHP) | $1,600 | $3,200 |
| Maximum out-of-pocket expenses for HDHP | $8,050 | $16,100 |
2024 HSA contribution limits
Each year, the Internal Revenue Service (IRS) sets contribution limits for health savings accounts (HSAs). The 2024 HSA contribution limits are as follows:
2024 HSA contribution limits:
An individual with coverage under a qualifying high-deductible health plan (deductible not less than $1,600) can contribute up to $4,150 — up $300 from 2023 — for the year. The maximum out-of-pocket is capped at $8,050.
An individual with family coverage under a qualifying high-deductible health plan (deductible not less than $3,200) can contribute up to $8,300 — up $550 from 2023 — for the year. The maximum out-of-pocket is capped at $16,100.
Catch-up contributions: Individuals who have an HSA and are over age 55 can also contribute an extra $1,000 annually, in what is commonly called a “catch-up” contribution.
For more information, see the announcement regarding IRS revenue procedure 2023-23 at irs.gov.*
Health savings accounts (HSAs) are individual accounts offered through Optum Bank®, Member FDIC, or ConnectYourCare, LLC, an IRS-Designated Non-Bank Custodian of HSAs, each a subsidiary of Optum Financial, Inc. Neither Optum Financial, Inc. nor ConnectYourCare, LLC is a bank or an FDIC insured institution. HSAs are subject to eligibility requirements and restrictions on deposits and withdrawals to avoid IRS penalties. State taxes may apply. Fees may reduce earnings on account.
This communication is not intended as legal or tax advice. Federal and state laws and regulations are subject to change. Please contact a legal or tax professional for advice on eligibility, tax treatment, and restrictions. Please contact your plan administrator with questions about enrollment or plan restrictions.
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