What to know about HSAs in 2024

Catch up contribution available for those 55+.

It’s important to start planning your benefits strategy, and how HSAs fit into it, for the future now.

If your organization or clients are not already taking advantage of all HSAs have to offer and working with a provider that enables their clients an easy-to-use HSA platform with straightforward and flexible options for savings, spending, and investing, it’s important to assess and rethink your HSA offering. Engaging employees around the benefits of HSAs and encouraging them to sign up and contribute also drives employer tax savings.

The upcoming year is an especially advantageous time to consider improving your HSA offering, such as by switching to an innovative provider that is better equipped to meet your employee and administrators’ needs or offering an employer match.

The IRS announced that 2024 HSA contribution limits are increasing by 7.8% for individuals to $4,150 and 7.1% for families up to $8,300. For those 55 and older, the $1,000 catch up contribution remains the same. This offers a large opportunity for account holders to combat inflation and prepare for the future.

Employers and brokers should begin to audit their HSA programs and benefit strategies and start planning their 2024 programs now in order to enable their clients and employees to take full advantage of the range of benefits HSAs have to offer.

HSA contribution limits are increasing 7.8% for individuals and 7.1% for families in 2024.

About Lively

Lively is the benefits solutions provider that gets it right. We designed our solutions to take the guesswork out of managing benefits. And our innovative features are built to simplify benefits administration and evolve with your business. Managing wellness and wealth takes more than a series of transactions. By combining robust features with unparalleled service, we make benefits administration effortless, even when time and energy are limited. Experience benefits administration as it should be with Lively.

Lively currently offers HSA, FSA, HRA, COBRA, Direct Bill, Lifestyle Spending Accounts, and Medical Travel Accounts.

Visit our website

Get in touch

Report methodology

Lively collected anonymous data from a sample of 225,000 HSA account holders who had an HSA account in 2022. This includes accounts with active contributions and ones without. To classify the types of health goods or services that were provided, HSA debit card spend data from January to December 2022 was categorized by merchant category codes (MCCs). No demographic or personal information was provided or used to create these cohorts. As such, any demographic details are based on post-data collection analysis.