2024 Limits Announced for HDHPs, HSAs, and Excepted Benefit HRAs

2024 Limits Announced for HDHPs, HSAs, and Excepted Benefit HRAs

May 24, 2023

On May 16, 2023, the Internal Revenue Service (IRS) announced the new limits for high-deductible health plans (HDHPs), health savings accounts (HSAs), and excepted benefit health reimbursement arrangements (EBHRAs) in Revenue Procedure 2023-23.

The new limits for both HDHPs and HSAs will go into effect for calendar year 2024 while the HRA limits will go into effect for plan years beginning in 2024.

Highlights of Health & Welfare Plan Limit Increases

High-Deductible Health Plans

2023

2024

Change

Self-Only Coverage: Maximum annual out-of-pocket limit
(excluding premiums)

$7,500

$8,050

+ $550

Family Coverage: Maximum annual out-of-pocket limit
(excluding premiums)

$15,000

$16,100

+ $1,100

Self-Only Coverage: Minimum annual deductible

$1,500

$1,600

+ $100

Family Coverage: Minimum annual deductible

$3,000

$3,200

+ $200

Health Savings Accounts

Self-Only Coverage: Annual employee + employer contribution limit

$3,850

$4,150

+ $300

Family Coverage: Annual employee + employer contribution limit

$7,750

$8,300

+ $550

Catch-up Contributions (age 55 and older)

$1,000

$1,000

 

Excepted Benefit Health Reimbursement Arrangements

Annual contribution limit

$1,950

$2,100

+ $150