On May 16, 2023, the IRS released Revenue Procedure 2023-23, providing the following:

• 2024 inflation-adjusted limits for HSA contributions
•  2024 HDHP minimum deductible amount and maximum out-of-pocket costs
• 2024 excepted benefit HRA maximum contribution amount

All limits are effective January 1, 2024, and the new amounts for the HDHP deductible and out-of-pocket limits apply to HDHPs with plan years beginning on or after January 1, 2024.

The adjusted amounts are as follows:

2024 HSA Contribution Limits:

• The 2024 annual HSA contribution limit for individuals with self-only HDHP coverage is $4,150 (up from $3,850 in 2023).
• The 2024 annual HSA contribution limit for individuals with family HDHP coverage is $8,300 (up from $7,750 in 2023).

2024 HDHP Minimum Deductible Amounts and Maximum Out-of-Pocket Costs:

• The 2024 HDHP minimum deductible amount for self-only coverage is $1,600 (up from $1,500 in 2023). The 2024 IRS HDHP maximum annual out-of pocket cost limit for self-only coverage is $8,050 (up from $7,500 in 2023).
• The 2024 HDHP minimum deductible amount for family coverage is $3,200 (up from $3,000 in 2023). The 2024 IRS maximum annual out-of-pocket cost limit for family coverage is $16,100 (up from $15,000 in 2023).

2024 Excepted Benefit HRA Maximum Reimbursement Amount:

• The 2024 excepted benefit HRA maximum reimbursement amount is $2,100 (up from $1,950 in 2023).

Plan sponsors offering HDHPs and HSA plans will find the updated figures useful as they plan for their upcoming 2024 open enrollment season.

Please contact your Brown & Brown team with any questions.

Regulatory and Legislative Strategy Group