Q&A of the Week May 24, 2023

Question

I heard that the HSA Contribution Limit is increasing in 2024. Is this true?

Answer

Yes, the IRS recently announced that there will be a significant increase in the Health Savings Account (HSA) Contribution Limit beginning in 2024 due to inflation. This will allow people with HSAs to save more money for medical expenses. 

Here are the limits for the amount of money that can be put in an HSA in 2024:

• Individuals - $4,150

• Families - $8,300

• Individuals Over Age 50 - $5,150

You can read more about this here: https://money.com/hsa-contribution-limit-2024/