HSA Contribution Limits for

An important part of consumer-directed healthcare (CDH), HSAs offer participants enrolled in HSA-qualified (HDHP) health plans a way to save on taxes while setting aside money for out-of-pocket healthcare expenses for themselves and their families. Recently, the Internal Revenue Service (IRS) announced updated annual HSA contribution limits for .

Health Savings Account (HSA) owners will be able to contribute significantly more to their accounts. For those with self-only coverage, the annual limit will be vs. last year. HSA owners with family coverage will be able to contribute up to , up from in .

2024 HSA contribution limit

Annual HSA Contribution Limits 

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Self-Only Coverage

Family Coverage

 HSA Contribution Limits

 HSA Contribution Limits

 HSA Contribution Limits

Catch-Up Contributions

As in prior years, HSA account owners aged 55 and older may contribute an additional over the standard annual limit. For , that means account owners with individual coverage may contribute plus an additional , whereas those with family coverage may contribute plus . Those turning 55 are eligible to begin their catch-up contributions at the start of the year they turn 55; they do not have to wait until the actual date of birth.

HDHP Minimum Deductibles and Out-of-Pocket Limits

For the calendar year , an HSA-qualified health plan must have a minimum annual deductible of for self-only coverage and for family coverage. The annual maximum out-of-pocket will be capped at for self-only coverage and  for family coverage.

Annual HDHP Minimum Deductibles and Out-of-Pocket Limits

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HSA-Qualified (HDHP) Minimum Deductible

Out-of-Pocket Limits

 Minimum Deductibles and Out-of-Pocket Limits

 for single coverage

 for family coverage

 for single coverage

 for family coverage

 Minimum Deductibles and Out-of-Pocket Limits

for single coverage

for family coverage

for single coverage

for family coverage

Minimum Deductibles and Out-of-Pocket Limits

for single coverage

for family coverage

for single coverage

for family coverage

Eligibility

To be eligible to qualify for an HSA, you must meet the following requirements:

  • You have a High Deductible Health Plan (HDHP) on the first day of the month (see deductible ranges above).
  • You have no other health coverage except what is permitted. See the “Other Health Coverage” section in IRS Publication 969.
  • You are not enrolled in Medicare.
  • You cannot be claimed as a dependent on someone else’s tax return.

Important Notes

  • HSA funds may be used for a long list of eligible healthcare expenses, now also including over-the-counter (OTC) medications, menstrual care, and personal protective equipment.
  • An HSA is owned by the participant (not by the employer), who may keep and use the funds for life, regardless of employment status.
  • An account owner may fund their HSA from a personal IRA (traditional or Roth) only once in their lifetime, and that contribution counts toward that year’s annual limit.
  • If married spouses have self-only coverage, they may only contribute up to the self-only maximum.
  • HSAs earn tax-free interest and tax-free investment income. These do not count toward the annual contribution limit.
  • HSA account owners have until the tax deadline for a specific calendar year (usually on or around April 15) to make contributions that count toward that year.

For 40 years, DataPath has been a pivotal force in the employee benefits, financial services, and insurance industries. The company’s flagship DataPath Summit platform offers an integrated solution for managing CDH, HSA, Well-Being, COBRA, and Billing. Through its partnership with Accelergent Growth Solutions, DataPath also offers expert BPO services, automation, outsourced customer service, and award-winning marketing services.

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