The IRS has raised the limits for Health Savings Accounts (HSAs) for calendar year 2024. 

Next year, the annual limitation on deductions for an individual with self-only coverage under a high-deductible health plan is $4,150. It is up from $3,850 for 2023, according to Accounting Today.  The annual limitation on deductions for an individual with family coverage under a high deductible health plan is $8,300, up from $7,750 in 2023.  

In its Revenue Procedure 2023-23, the IRS defines high deductible health plan is defined 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.”

In addition, the maximum amount that may be made newly available for an excepted benefit HSA in the plan year beginning in 2024 is $2,100.

The increased limits reflect adjustments for inflation.