Inflation-adjusted Health Savings Account (HSA) Figures for 2024: HSAs allow eligible individuals to make deductible contributions that can be withdrawn tax free for reimbursement of eligible medical expenses. For 2024, the limitation on HSA deductions is $4,150 (up from $3,850 for 2023) for an individual with self-only coverage under a High Deductible Health Plan (HDHP) or $8,300 (up from $7,750 for 2023) for family coverage. An HDHP is defined under IRC Sec. 223(c) as a health plan with an annual deductible not less than $1,600 (up from $1,500 for 2023) for self-only coverage or $3,200 (up from $3,000 for 2023) for family coverage, with annual out-of-pocket expenses (deductibles, copayments, and other amounts, but not premiums) not exceeding $8,050 (up from $7,500 for 2023) for self-only coverage or $16,100 (up from $15,000 for 2023) for family coverage. Rev. Proc. 2023-23 .
https://www.armcpa.com/wp-content/uploads/2023/02/irs2.png 266 385 Bill https://www.armcpa.com/wp-content/uploads/2018/02/logo.png Bill2023-05-23 06:52:102023-05-23 06:55:24Inflation-adjusted Health Savings Account (HSA) Figures for 2024