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2024 Health Savings Account Index Figures
May 16, 2023
On May 16, 2023, the Internal Revenue Service (IRS) released Revenue Procedure 2023-23 providing the new Health Savings Account (HSA) index figures for 2024.1
2024 Health Savings Account Index Figures
The IRS provides this early release to help employers and HSA members budget for the upcoming year. See the table below for details:
| 2024 | 2023 | |||
|---|---|---|---|---|
| Minimum deductible amounts for the qualifying High-Deductible Health Plan (HDHP) | ||||
| Individual Coverage | $1,600 | $1,500 | ||
| Family Coverage | $3,200 | $3,000 | ||
| Maximum Contribution Levels | ||||
| Individual Coverage | $4,150 | $3,850 | ||
| Family Coverage | $8,300 | $7,750 | ||
| Catch-up contributions allowed for those 55 years of age and over | $1,000 | $1,000 | ||
| Maximums for HDHP out-of-pocket expenses (excluding premiums) | ||||
| Individual Coverage | $8,050 | $7,500 | ||
| Family Coverage | $16,100 | $15,000 | ||
Also, for plan years beginning in 2024, Revenue Procedure 2023-23 provides that the maximum amount that may be made newly available for the plan year in an excepted Health Reimbursement Arrangement (HRA) is $2,100. Plan sponsors should update payroll and plan administration systems for the 2024 cost-of-living adjustments and incorporate the new limits in relevant participant communications, such as open enrollment and communication materials, plan documents and summary plan descriptions.
Nothing in this communication is intended as legal, tax, financial or medical advice. We assume no liability whatsoever in connection with its use, nor are these comments directed to specific situations. Readers of this content should consult qualified legal benefits counsel or tax professionals for advice with respect to their circumstances.