2024 HSA COLAs Issued
(May 16, 2023) The IRS issued Revenue Procedure 2023-23 to announce the 2024 cost-of-living adjustments (COLAs) applicable to dollar limitations for health savings accounts (HSAs). These cost-of-living increases include adjustments to the annual contribution limitation and the out-of-pocket expense cap requirement of an HSA-compatible high deductible health plan (HDHP). For calendar year 2024, a HDHP 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. For calendar year 2023, the annual contribution limit for an individual with self-only coverage under a high deductible health plan (HDHP) is $4,150, and $8,150 for an individual with family coverage under a HDHP. The additional catch-up contribution remains at $1,000 as it is not adjusted for cost-of-living.
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