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:
|
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) |
$155,000 |
$150,000 |
+$5,000 |
|
Section 401(a)(17) |
$345,000 |
$330,000 |
+$15,000 |
|
Section 416(i)(A)(i) |
$220,000 |
$215,000 |
+$5,000 |
|
Social Security |
$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.