2024 HSA Contribution Limits
The Internal Revenue Service (IRS) has announced a notable increase in the contribution limits for Health Savings Accounts (HSAs) for 2024, a change that will offer greater flexibility for small businesses, their owners, and their employees.
2024 HSA Limits:
- Contribution Limit: Self-Only HDHP coverage $4,150, Family $8,300.
- Catch Up Contribution: $1,000 (age 55 or older).
For the first time, an older married couple, both aged 55 or over, will be allowed to contribute more than $10,000 to their HSAs. This development is made possible by the combination of the increased standard contribution limit and the continuing ability for those aged 55 or older to contribute an extra $1,000 per person. This means that in the last 10 years leading up to retirement, a couple could potentially accumulate more than $100,000 in their HSAs.
Learn more and view a comparison of 2024 versus 2023 limits. For help with HSA administration, contact us today.