The Internal Revenue Service (IRS) released Revenue Procedure 2023-23 providing for the annual Cost-Of-Living-Adjustments (COLA) for Health Savings Accounts (HSA) and High-Deductible Health plans (HDHP) for the 2024 plan year.
Type of Limit | 2024 | 2023 | Change | |
| HSA Contribution Limit | Self-only | $4,150 | $3,850 | Up $300 |
| HSA Contribution Limit | Family | $8,300 | $7,750 | Up $550 |
| HSA Catch-up Contributions (not subject to adjustment for inflation) | Age 55 or older | $1,000 | $1,000 | No change |
| HDHP Minimum Deductible | Self-only | $1,600 | $1,500 | Up $100 |
| HDHP Minimum Deductible | Family | $3,200 | $3,000 | Up $200 |
| HDHP Maximum Out-of-pocket Expense Limit (deductibles, copayments and other amounts, but notpremiums) | Self-only | $8,050 | $7,500 | Up $550 |
| HDHP Maximum Out-of-pocket Expense Limit (deductibles, copayments and other amounts, but not premiums) | Family | $16,100 | $15,000 | Up $1,100 |
Conclusion
Plan sponsors should ensure their plan documents, enrollment materials and other plan documents are up to date. Have questions? Work with your Leavitt Group representative who can connect you to the necessary resources to ensure your documents are compliant and other compliance requirements are met.