The IRS recently issued the Health Savings Account contribution limits for the 2024 coverage year. Employee contributions will increase to the following:
2024 Contribution Limits
|
Plan type |
Total Contribution Limit (IRS regulated) |
Employer Contribution |
Employee Contribution Limit |
|---|---|---|---|
|
Single |
$4,150 |
$1,100 |
$3,050* |
|
Family |
$8,300 |
$2,000 |
$6,300* |
*Employees that are 55 or older can elect to contribute an additional $1000 to their Health Savings Account.
What does this mean?
Employees who select the High Deductible Health Plan for plan year 2024 can opt into a Health Savings Account (HSA). Kent State contributes to this account, and employees may also contribute. The employee contribution limits will increase for 2024, meaning that employees can contribute more to their HSA.
Use the chart above as you consider your 2024 health coverage options for Open Enrollment decisions.