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The HSA contribution limit for family coverage will be $7,750, up from $7,300. That’s roughly a 5.5% increase over 2022 contribution limits, versus just a 1.4% gain between 2021 and 2022.
For 2024, self-only HSAs will rise to a contribution limit of $4,150 (up from $3,850 in 2023) and family HSAs will rise to $8,300 (up from $7,750), according to the Alegeus website.
This "catch up" contribution limit was set to $500 for 2004, increasing $100 each year until it reached a maximum of $1,000 in 2009. [20] For 2019, the contribution limit was $3,500 for single or $7,000 for married couples and families. [21] For 2020, the contribution limit is $3,550 for single or $7,100 for married couples and families. [22]
For tax year 2023, the limits are between $138,000 and $153,000 for single filers and between $218,000 and $228,000 for joint filers. Many taxpayers leave money on the table.
To qualify for an HDHP in 2023, an individual plan must have a deductible of at least $1,500 and family plans must have a deductible of at least $3,000. [15] An HDHP's total yearly out-of-pocket expenses (including deductibles, copayments, and coinsurance) can't be more than $7,500 for an individual or $15,000 for a family. [ 15 ] (
The average combined HSA contribution was $927 less than the statutory maximum for individual coverage and $4,527 less than the maximum for family coverage, according to the report.
The US Treasury did not extend the program beyond this point, and as a result no new Archer MSAs may be opened. Current accounts can either be left open as is or converted to an HSA. At this time there are no financial institutions opening new MSAs. This is because of the creation of the Health Savings Account (HSA) in 2003. [5]
People with health savings accounts (HSAs) got some good news this week when the IRS rolled out the largest contribution limit increases in history. In 2024, an individual with self-only coverage ...