IRS announces higher HSA contribution limits for 2024

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Wall Street Journal

Updated May 17, 2023, 3:30 pm EDT


The Internal Revenue Service on Tuesday announced the largest ever increase to the amount Americans can set aside in health-savings accounts each year.

For 2024, the maximum HSA contribution will be $8,300 for a family and $4,150 for an individual. That is up from $7,750 for a family and $3,850 for an individual for 2023.

Participants age 55 and older can contribute an extra $1,000, which means an older married couple could sock away $10,300 a year, up from $9,750 this year. In the last 10 years leading up to retirement, a couple could accumulate more than $100,000 in these accounts.

2024 Limits
HSA contribution limits are adjusted for inflation each year, and typically the bump is $100 to $200 a year if at all. But because of high inflation, the family maximum limit went up $450 for 2023 and another $550 for 2024.

The average total balance (including both deposits and investments) for someone who is investing in their HSA was $16,397 at the end of 2022. That compares with an average HSA balance of $2,445 for those with deposit accounts but not investing, according to Devenir.

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