IRS Raises HSA Contribution Limits for 2024.
The IRS has announced that the annual contribution limits for health savings accounts (HSAs) will increase significantly in 2024, with the limit for self-only coverage rising to $4,150 and for family coverage to $8,300. The high-deductible health plan (HDHP) deductible will also increase to $1,600 for self-only coverage and $3,200 for family coverage. The maximum amount that employers may contribute to an excepted-benefit health reimbursement arrangement (HRA) will also increase to $2,100. The increases are due to inflation and are expected to encourage more Americans to use HSAs as a powerful tool for healthcare spending and long-term savings, especially for retirement.