Announcing 2024 IRS HDHP and HSA limits

The Internal Revenue Service (IRS) has announced the inflation-adjusted 2024 minimum deductibles, out-of-pocket (OOP) maximums, and contribution limits for health savings accounts (HSAs) and qualified high deductible health plans (HDHPs). These changes are effective on the employers’ effective or renewal date beginning Jan. 1, 2024, or later.

• Minimum deductible:
  • $1,600 for self-only coverage ($100 increase from 2023)
  • $3,200 for family coverage ($200 increase from 2023)
  • $3,200 for embedded individual deductible ($200 increase from 2023)

• OOP maximum:
  • $8,050 for self-only coverage ($550 increase from 2023)
  • $16,100 for family coverage ($1,100 increase from 2023)
  • Important: Be aware of the intersection of HSA and Affordable Care Act (ACA) rules. The 2024 ACA maximum is $9,450 for individual coverage (versus $9,100 in 2023)
  • Examples of compliant HSA/ACA plans:
    • If you have one plan for self-only and family coverage and have an embedded OOP, the maximum amounts for 2024 are $8,050 for an individual and $16,100 for a family
    • If you have one plan for self-only and family coverage and have a non-embedded OOP, the maximum amounts for 2024 are $8,050 for an individual and $9,450 for a family
• HSA contribution limits:
  • $4,150 for self-only coverage ($300 increase from 2023)
  • $8,300 for family coverage ($550 increase from 2023)
  • The annual “catch-up” contribution amount for individuals ages 55 or older remains $1,000

Annual out-of-pocket limits for 2024 announced earlier:

• $9,450 for self-only coverage ($9,100 in 2023)
• $18,900 for family coverage ($18,200 in 2023)

For questions contact your broker or UnitedHealthcare representative.