The IRS recently released inflation adjustments (Rev. Proc. 2023-23) for health savings accounts (HSAs) and certain health reimbursement arrangements (HRAs) for calendar year 2024.
The annual HSA contribution limits under Section 223(b)(2) for 2024 will be:
- $4,150 for self-only coverage (up from $3,850 in 2023)
- $8,300 for family coverage (up from $7,750 in 2023)
In addition, a qualifying high deductible health plan must have an annual deductible in 2024 of at least $1,600 for self-only coverage or $3,200 for family coverage (up from $1,500 and $3,000 in 2023, respectively), and annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) cannot exceed $8,050 for self-only coverage (up from $7,500 in 2023) or $16,100 for family coverage (up from $15,000 in 2023).
Rev. Proc. 2023-23 also provides that for plan years beginning in 2024, the maximum amount that may be made newly available in the plan year for excepted benefit HRAs is $2,100 (up from $1,950 in 2023).
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