Health Savings Account Contribution Limits Will Increase in 2024

Information you can use to add additional funds to your health savings account in 2024.

Health Savings Accounts are already an unsung hero of saving money in an account for medical expenses without paying taxes on those funds. But in 2024, the benefits will get even better because the Internal Revenue Service has increased the contribution limits starting Jan.1 of that year. The IRS cites inflation as the need for the change.

If your employer or health insurance provider offers an HSA, request information about opening an account. If you are a member of a high deductible health care plan, you can open an account on your own through your bank or health care plan.

If you already have an HSA, these are the changes coming up when the calendar rolls to 2024. You can see all the changes in the chart below. 

Contributions 2024 2023 Change
HSA contribution limit
employer + employee
Self-only: $4,150
Family: $8,300
Self-only: $3,850
Family: $7,750
Self-only: +$300
Family: +$550
HSA catch-up contributions
age 55 and older
$1,000 $1,000 No change
(set by statute)
HDHP minimum deductibles Self-only: $1,600
Family: $3,200
Self-only: $1,500
Family: $3,000
Self-only: +$100
Family: +$200
HDHP maximum out-of-pocket amounts
(deductibles, co-payments and other amounts, but not premiums)
Self-only: $8,050
Family: $16,000
Self-only: $7,500
Family: $15,000
Self-only: +$550
Family: +$1,100

HSAs are typically used for qualified expenses like dental work, prescription or over-the-counter medications, insurance co-pays or deductibles.

Many Americans don’t know that the funds in an HSA (minimums vary by employer) can also be invested to earn additional money for expenses or retirement.

This material is for informational purposes only. Always consult a qualified tax advisor for information as to how taxes may affect your particular situation.

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