As many of you know, I track the data needed to make inflation adjustments for Health Savings Accounts from one year to the next. I have accurately predicted the annual adjustments by the Internal Revenue Service for the past 17 years.
With the January 12, 2023 release of the December inflation figures by the Bureau of Labor Statistics, the inflation-adjusted amounts for HSAs for 2024 are coming into view. With only three months of data remaining to be collected, I can now project the HSA amounts for next year with virtual certainty. You can find my projections here.
I am projecting that the HSA amounts will see their second biggest increases in the history of the program. This is good news for HSA owners as the contribution limits will rise substantially again for 2024.
For HSA-qualified insurance plans, the minimum deductibles and annual out-of-pocket limits will also see larger increases than for most years. This means some health plans may need to change their plan designs for 2024.
Look for my final projections for 2024 in April. The IRS will release the final 2024 amounts later in April or in May.