IRS Increases Contribution Limits for Health Savings Accounts

The Internal Revenue Service on Tuesday released the 2024 inflation-adjusted contribution limits for health savings accounts, allowing people to deposit more money than in the previous year.

For 2024, an individual with self-only coverage under a high-deductible health plan can save up to $4,150, which is up from $3,850 in 2023.

For a family plan, an individual can contribute up to $8,300, which is up from $7,750.

To qualify, an individual will need a high-deductible health plan with a minimum annual deductible of $1,600 for self-only coverage or $3,200 for family coverage. That is an increase from $1,500 and ...