Rev. Proc. 2023-23 (May 16, 2023)
Available at https://www.irs.gov/pub/irs-drop/rp-23-23.pdf
The IRS has released the 2024 cost-of-living adjusted limits for health savings accounts (HSAs), high-deductible health plans (HDHPs), and excepted benefit health reimbursement arrangements (EBHRAs). Here are the details:
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HSA Contribution Limits. The 2024 annual HSA contribution limit is $4,150 for individuals with self-only HDHP coverage (up from $3,850 in 2023), and $8,300 for individuals with family HDHP coverage (up from $7,750 in 2023).
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HDHP Minimum Deductibles. The 2024 minimum annual deductible is $1,600 for self-only HDHP coverage (up from $1,500 in 2023) and $3,200 for family HDHP coverage (up from $3,000 in 2023).
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HDHP Out-of-Pocket Maximums. The 2024 limit on out-of-pocket expenses (including items such as deductibles, copayments, and coinsurance, but not premiums) is $8,050 for self-only HDHP coverage (up from $7,500 in 2023), and $16,100 for family HDHP coverage (up from $15,000 in 2023).
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EBHRA Contribution Limit. The maximum amount that may be made newly available for plan years beginning in 2024 is $2,100 (up from $1,950 for plan years beginning in 2023).
EBIA Comment: The catch-up contribution limit (for HSA-eligible individuals aged 55 or older) is set forth in Code § 223(b)(3) and remains at $1,000. EBHRAs, first available in 2020, are limited-dollar, nonintegrated HRAs that qualify as excepted benefits. They can be offered by employers of any size and must meet specified requirements. For more information, see EBIA’s Consumer-Driven Health Care manual at Sections X (“HSAs: Required HDHP Coverage”), XII (“HSAs: Contributions”), and XXVIII.C (“Excepted Benefit HRAs (EBHRAs)”). See also EBIA’s Cafeteria Plans manual at Section XVI.K (“Special Considerations for HSAs Offered Through Cafeteria Plans”).
Contributing Editors: EBIA Staff.
