The IRS recently issued a Revenue Procedure outlining the revised 2024 maximum contributions to health savings accounts (HSA).
The 2024 maximum contributions to an HSA will be $4,150 for individual self-coverage, an increase of $300. For individual family coverage, the maximum 2024 contribution will be $8,300, a $550 increase. For those individuals aged 55 or older before the end of 2024, an additional $1,000 “catch-up” contribution is available, which is unchanged from the prior year.
An individual eligible for an HSA contribution must be covered by a high deductible health plan (HDHP) and not covered under another health plan providing coverage. For 2024, a HDHP is considered to have an annual deductible of at least $1,600 for self-coverage and $3,200 for family coverage. In addition, the HDHP annual out-of-pocket expenses cannot be more than $8,050 for self-only coverage or $16,100 for family coverage.
The following article from the Journal of Accountancy provides information regarding HSA contributions and additional information about Health Reimbursement Arrangements (HRAs), which are also included in the Revenue Procedure issued.
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