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2024 HSA Limits Announced

 

May 18, 2023

1 minute read

Category: Reimbursement Accounts

woman looking at phone

The Internal Revenue Service (IRS) announced annual inflation adjustments for High Deductible Health Plans (HDHPs) and Health Savings Accounts (HSAs). These increases are effective for 2024.

View the Full List of Adjustments 

  2024 2023
Annual Limitation on HSA Deductions    
Self-Coverage $4,150 $3,850
Family Coverage $8,300 $7,750
HDHP — Self-Only Coverage    
Deductible not less than $1,600 $1,500
Out-of-pocket expenses max $8,050 $7,500
HDHP — Family Coverage    
Deductible not less than $3,200 $3,000
Out-of-pocket expenses max $16,100 $15,000

How to Increase HSA Participation 

If you have any questions or need help communicating these changes to employees, please contact us.

 

This blog is up to date as of May 2023 and has not been updated for changes in the law, administration or current events.

 

Shop for Eligible Items on the HSA Store

You may purchase HSA-eligible items online at the HSA Store. Browse medical supplies, over-the-counter medication, prescriptions, and more.

Visit HSAStore.com

 
  • Tags:
  • HSA
  • HDHP

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Reimbursement Accounts: Are Allergy Shots and Allergy Medicine Covered?

October 03, 2023

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Consider using a reimbursement account like an HCFSA or HSA to save on certain allergy shots and allergy medicines.

  • Tags:
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What is an HSA and how does it work?

September 19, 2023

4 minute read

An HSA is a type of savings account that is specifically designed to help individuals save for eligible healthcare expenses.

  • Tags:
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Which reimbursement account is best for my organization?

September 05, 2023

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Offering reimbursement accounts is an easy way to enhance your benefits plan and show your employees you care about their well-being

  • Tags:
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This information is intended to be educational. It is general in nature and should not be considered financial, legal or tax advice. Consult an attorney or a tax professional regarding your specific situation.

AF-2363-0523

American Fidelity Assurance Company
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https://americanfidelity.com/blog/reimburse/2024-hsa-limits/

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This information is intended to be educational. It is general in nature and should not be considered financial, legal or tax advice. Consult an attorney or a tax professional regarding your specific situation.

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