On November 9, 2023, the IRS issued Rev. Proc. 2023-34, which announces the 2024 indexed limits for certain health and welfare benefits. This is in addition to the limits that the IRS announced on May 16, 2023 in Rev. Proc. 2023-23. Please see our November 2, 2023 alert for the key 2024 IRS limits applicable to retirement plans.
Health and Welfare Limit Changes (PDF version here)
| 2023 | 2024 | |
| HSA contributions | $3,850 for self-only coverage $7,750 for family coverage | $4,150 for self-only coverage $8,300 for family coverage |
| HSA-compatible HDHP deductible | $1,500 for self-only coverage $3,000 for family coverage | $1,600 for self-only coverage $3,200 for family coverage |
| HSA-compatible HDHP out-of-pocket maximum | $7,500 for self-only coverage $15,000 for family coverage | $8,050 for self-only coverage $16,100 for family coverage |
| Health FSA salary reductions | $3,050 | $3,200 |
| Health FSA carryover | $610 | $640 |
| Monthly qualified transportation fringe benefits | $300 | $315 |
| Monthly qualified parking | $300 | $315 |
| Qualified adoption expenses from a qualified adoption assistance program | $15,950 | $16,810 |
| Employer contributions to an excepted benefit HRA | $1,950 | $2,100 |
