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Dice Financial Services Group
1716 N. Sanborn Blvd, PO Box 790
Mitchell, SD 57301
Phone: 605-996-7171
Toll Free: 800-658-3603
Website: www.dicefinancial.com
November/December 2023
Higher 2024 HSA and HDHP Limits
There’s good news for anyone with a high-deductible health plan (HDHP) and health savings accounts (HSAs).
In one of the largest jumps in recent years (7.8%), the HSA contribution limits for 2024 will rise to $4,150 (from $3,850 in 2023) for employees with single health plan coverage and to $8,300 (from $7,750) for those with family coverage. Workers aged 55 and older can contribute an extra $1,000 (unchanged from 2023). So an older married couple will be able to contribute $10,300 in 2024.
Your high deductible health care plan will qualify if the 2024 annual deductible is at least $1,600 for self-coverage or $3,200 for family coverage.
Employee out-of-pocket expenses (deductibles, copayments, coinsurance, and some uncovered services) cannot exceed $8,050 (self-only) or $16,100 for family coverage.
HSAs are triple tax-advantaged with tax-deferred contributions, tax-free potential earnings and tax-free withdrawals for qualified medical expenses, and you can roll over any balance to the next year.
NOTE: Nonqualified withdrawals incur a tax penalty before age 65. After reaching 65, you can take penalty-free withdrawals for any reason, but must pay income tax on the nonqualified amount.
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Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. Insurance Services offered through Dice Financial Services Group.
Dice Financial Services Group and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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