(from Tax Notes) The IRS has announced 2024 HSA limits, adjusted for inflation.
- Annual contribution limitation: For calendar year 2024, the annual limitation on deductions under §223(b)(2)(A) for an individual with self-only coverage under a high deductible health plan is $4,150. For calendar year 2024, the annual limitation on deductions under §223(b)(2)(B) for an individual with family coverage under a high deductible health plan is $8,300.
- High deductible health plan. For calendar year 2024, a “high deductible health plan” is defined under §223(c)(2)(A) as a health plan with an annual deductible that is not less than $1,600 for self-only coverage or $3,200 for family coverage, and for which the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $8,050 for self-only coverage or $16,100 for family coverage.
- For plan years beginning in 2024, the maximum amount that may be made newly available for the plan year for an excepted benefit HRA is $2,100.
For more see Tax Notes
