
The IRS issued Revenue Procedure 2023-23, to announce the 2024 inflation adjusted amounts for health savings accounts (HSAs), High Deductible Health Plans (HDHPs) under the Internal Revenue Code (Code) and the maximum amount employers may contribute for excepted benefit health reimbursement arrangements (EBHRAs). Significant increases to the limits are a result of the recent spike in inflation seen in the U.S.The new HSA and HDHP limits will go into effect for calendar year 2024, while the HRA limits go into effect for plan years beginning in 2024.HSA LimitsFor calendar year 2024, the HSA annual limitation on deductions for an individual with self-only coverage under a high deductible health plan is $4,150. The 2024 HSA annual limitation on deductions for an individual with family coverage under a high deductible health plan is $8,300. The IRS guidance provides that for calendar year 2024, a “high deductible health plan” is defined as a…