The following table is a reference tool for employers outlining 2024 health & welfare, retirement, commuter benefit, and adoption assistance plan maximum contribution limits[1] compared to the current 2023 amounts.
Employers are advised to:
- Revise applicable plan communications (e.g., open enrollment materials and summary plan descriptions) for 2024.
- Coordinate with their benefit administration and payroll vendors to ensure the relevant contribution limits are updated for January 1, 2024.
|
Health & Welfare Plan Limits
|
2024
|
2023
|
Change from 2023
|
|
Health Care Flexible Spending Account (FSA) contribution limit
|
$3,200
|
$3,050
|
+$150
|
|
Health Care Flexible Spending Account (FSA) maximum carryover amount
|
$640
|
$610
|
+$30
|
|
Health Savings Account (HSA) maximum contribution[2]
|
Self-only coverage
|
$4,150
|
$3,850
|
+$300
|
|
Family Coverage
|
$8,300
|
$7,750
|
+$550
|
|
Health Savings Account (HSA) catch-up contribution limit
|
$1,000
|
$1,000
|
No change
|
|
High-Deductible Health Plan (HDHP) minimum deductible
|
Self-only coverage
|
$1,600
|
$1,500
|
+$100
|
|
Family coverage
|
$3,200
|
$3,000
|
+$200
|
|
High-Deductible Health Plan (HDHP) maximum out-of-pocket[3]
|
Self-only coverage
|
$8,050
|
$7,500
|
+$550
|
|
Family coverage
|
$16,100
|
$15,000
|
+$1,100
|
|
ACA Compliant Plans cost-sharing maximum limits[4]
|
Self-only coverage
|
$9,450
|
$9,100
|
+$350
|
|
Family coverage
|
$18,900
|
$18,200
|
+$700
|
|
Excepted Benefit Health Reimbursement Arrangement (EBHRA) maximum amount[5]
|
$2,100
|
$1,950
|
+$150
|
|
Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) maximum amount
|
Self-only coverage
|
$6,150
|
$5,850
|
+300
|
|
Family Coverage
|
$12,450
|
$11,800
|
+650
|
|
Retirement Plan Limits
|
2024
|
2023
|
Change from 2023
|
|
Section 401(k)/403(b)/457(b)(2) Plans maximum elective deferrals
|
$23,000
|
$22,500
|
+$500
|
|
Section 401(k) or 403(b) Plans catch-up contribution limit
|
$7,500
|
$7,500
|
No change
|
|
Section 415(c)(1)(A) defined contribution addition limitation
|
$69,000
|
$66,000
|
+$3,000
|
|
Section 414(q)(1)(B)
Highly compensated employee
|
$155,000
|
$150,000
|
+$5,000
|
|
Section 401(a)(17)
Maximum includible compensation
|
$345,000
|
$330,000
|
+$15,000
|
|
Section 416(i)(A)(i)
“Key employee” in a top-heavy plan
|
$220,000
|
$215,000
|
+$5,000
|
|
Social Security
FICA Taxable Wage Base
|
$168,600
|
$160,200
|
+$8,400
|
|
Commuter Benefit Limit
|
2024
|
2023
|
Change from 2023
|
|
Transit and Parking – contribution limit
|
$315
|
$300
|
+$15
|
|
Adoption Assistance Plan Limit
|
2024
|
2023
|
Change from 2023
|
|
Adoption Assistance maximum contribution (including benefits provided for special needs children)
|
$16,810 [6]
|
$15,950
|
+$860
|
Please reach out to your Risk Strategies account team with any questions or contact us directly at benefits@risk-strategies.com
[1] Revenue Procedure 2023-23; Revenue Procedure 2023-34; IRS Notice 2023-75
[2] Includes both employee and employer contribution amount limits.
[3] Including deductibles, copayments and other amounts, but excluding premiums.
[4] The Affordable Care Act (ACA) requires health plans to place annual limits on participants’ cost sharing for essential health benefits (EHBs).
[5] Employers offer EBHRAs to reimburse the cost of excepted benefits (such as limited-scope dental or vision coverage) as well as short-term, limited-duration insurance plan premiums.
[6] For 2024, the amount excludable from an employee's gross income begins to phase out under IRC Section 137(b)(2)(A) for taxpayers with modified adjusted gross income of more than $252,150 and is completely phased out for taxpayers with modified adjusted gross income of $292,150 or more.
