2024 HSA Limits
Each year the Internal Revenue Service (IRS) reviews the limits for Health Savings Account (HSA) contributions as well as the minimum deductible and out-of-pocket maximums for High Deductible Health Plans (HDHPs).
They consider criteria such as inflation and increases in HDHP deductibles and out-of-pocket limits.
On May 16th, 2023, they released Revenue Procedure 2023-24, announcing the increased limits for the 2024 calendar year:
A Note on Catch-Up Contributions and Medicare Eligibility:
Individuals over age 55 can contribute an additional $1,000 annually to their HSA. Additionally, if their spouse is over age 55 and also enrolled in a qualified HDHP, the spouse can fund an additional $1,000 as long as it is funded into their own separate account.
Once an individual elects Medicare Part A, they are no longer eligible to contribute to an HSA.
HSAs allow those enrolled on qualified HDHPs to contribute funds pre-tax to pay for medical, dental & vision expenses.
Please contact us with any questions you may have.