The IRS has launched the 2024 cost-of-living adjusted limits for well being financial savings accounts (HSAs), high-deductible well being plans (HDHPs), and excepted profit well being reimbursement preparations (EBHRAs). Listed below are the main points:

• HSA Contribution Limits. The 2024 annual HSA contribution restrict is $4,150 for people with self-only HDHP protection (up from $3,850 in 2023), and $8,300 for people with household HDHP protection (up from $7,750 in 2023).

• HDHP Minimal Deductibles. The 2024 minimal annual deductible is $1,600 for self-only HDHP protection (up from $1,500 in 2023) and $3,200 for household HDHP protection (up from $3,000 in 2023).

• HDHP Out-of-Pocket Maximums. The 2024 restrict on out-of-pocket bills (together with gadgets similar to deductibles, copayments, and coinsurance, however not premiums) is $8,050 for self-only HDHP protection (up from $7,500 in 2023), and $16,100 for household HDHP protection (up from $15,000 in 2023).

• EBHRA Contribution Restrict. The utmost quantity which may be made newly obtainable for plan years starting in 2024 is $2,100 (up from $1,950 for plan years starting in 2023).

EBIA Remark: The catch-up contribution restrict (for HSA-eligible people aged 55 or older) is about forth in Code § 223(b)(3) and stays at $1,000. EBHRAs, first obtainable in 2020, are limited-dollar, nonintegrated HRAs that qualify as excepted advantages. They are often supplied by employers of any measurement and should meet specified necessities. For extra data, see EBIA’s Client-Pushed Well being Care guide at Sections X (“HSAs: Required HDHP Protection”), XII (“HSAs: Contributions”), and XXVIII.C (“Excepted Profit HRAs (EBHRAs)”). See additionally EBIA’s Cafeteria Plans guide at Part XVI.Okay (“Particular Issues for HSAs Provided By way of Cafeteria Plans”).

Contributing Editors: EBIA Workers.