Many employee benefits and other health and retirement plans are subject to annual dollar contribution limits and out-of-pocket maximums that are periodically updated for inflation.
The IRS typically announces the dollar amounts that will apply for the next calendar year well before the beginning of that year. This gives employers time to update their plan designs and ensure that their plan administration will be consistent and in compliance with IRS regulations. Although most of the limits will increase in 2024, some will remain the same. For a one-page PDF summarizing health-only plan limits that you can print out as a handy reminder, click here.
- Health savings account (HSA) contributions:
- Single coverage—$4,150 (up $300 from $3,850 in 2023)
- Family coverage—$8,300 (up $550 from $7,750 in 2023)
- HDHP minimum deductible:
- Single coverage—$1,600 (up $100 from $1,500 in 2023)
- Family coverage—$3,200 (up $200 from $3,000 in 2023)
- High deductible health plan out-of-pocket maximum limit:
- Single coverage—$8,050 (up $550 from $7,500 in 2023)
- Family coverage—$16,100 (up $1,100 from $15,000 in 2023)
- Health flexible spending account (FSA) limit—$3,200 (up $150 from $3,050 in 2023)
- Health FSA carryover limit—$640 (up $30 from $610 in 2023)
- Transportation fringe benefit plan monthly limits—$315 (up $15 from $300 in 2023)
- Tax exclusion for adoption assistance benefits—Not yet finalized; projected to be between $16,500 and $17,000 (up from $15,950 in 2023)
- Employees’ elective deferrals to 401(k), 403(b), and 457 plans—$23,000 (up $500 from $22,500 in 2023)
- Contribution limits for traditional and Roth IRAs—$7,000 (up $500 from $6,500 in 2023)
Certain limits will not change for 2024, including:
- Catch-up contribution limits to HSAs ($1,000 for age 55+)
- Catch-up contributions for 401(k), 403(b), and 457 plans ($7,500 for age 50+)
- Catch-up contributions to IRAs ($1,000 for ages 50+).
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