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P.O. Box 1411 Bismarck, ND 58502-1411
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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