Changes to Internal Revenue Service guidelines means big boosts for people utilizing Health Saving Accounts.

For 2024, the annual contribution for health savings accounts, or HSAs, is increasing to $4,150 from $3,850 for individual plans, an increase of roughly 8%. Increase for family plans in 2024 is increasing about 7% – 7,750 to $8,300.

Catch-up contributions for those 55 and older remains at $1,000 each, bringing the total deposit limit for a couple of older individual savers to $10,300.

The changes mark a significant increase in the yearly allowance, CNBC reported. Before 2022, the average yearly increase for the HSA contribution limit was about 1.6% a year.

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To qualify, you have to have a high-deductible health insurance. To qualify, self-only coverage plans must have a deductible of at least $1,600 or $3,200 for a family plan in 2024.

Health savings accounts are intended to help people save for medical expenses, including deductibles, copays, vision, dental, hearing and long-term care, USA Today reported. Contributions are immediately tax-deductible. You can see more on tax benefits for HSAs here.