September 1, 2024
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Beige Book | August 2024
The August 2024 Beige Book has been published by the Federal Reserve, giving an overview of economic conditions around the country.
The Internal Revenue Service issued the annual inflation adjustments Thursday for health savings accounts in 2025 as prices continue to rise, albeit at a slower pace.
Revenue Procedure 2024-25 provides the 2025 inflation-adjusted amounts for HSAs as determined under Section 223 of the Tax Code, along with the maximum amount for health reimbursement arrangements under Section 54.9831-1(c)(3)(viii) of the Pension Excise Tax Regulations.
For 2025, the annual limitation on deductions for an individual with self-only coverage under a high-deductible health plan is $4,300, up from $4,150 this year. For calendar year 2025, the annual limitation on deductions for an individual with family coverage under a high-deductible plan is $8,550, up from $8,300 in 2024.
For 2025, a "high-deductible health plan" is defined as a health plan with an annual deductible that is not less than $1,650 for self-only coverage (up from $1,600 in 2024) or $3,300 for family coverage (up from $3,200 this year), and for which the annual out-of-pocket expenses (deductibles, co-payments and other amounts, but not premiums) do not exceed $8,300 for self-only coverage (up from $8,050 this year) or $16,600 for family coverage (up from $16,100 in 2024).
For plan years starting in 2025, the maximum amount that may be made newly available for the plan year for an excepted benefit HRA is $2,150, up from $2,100 in 2024.
