BRI – 2024 Contribution Limits for Tax-Advantaged Plans

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BRI – 2024 Contribution Limits for Tax-Advantaged Plans

Nov 27, 2023, 2 Minute Read

The IRS has released the 2024 contribution limits for Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), commuter benefit plans, and adoption assistance programs. For a summary of the 2024 amounts and plan limits, check out BRI’s overview by plan type and access the IRS official announcements.

Medical FSA Contribution and Rollover Limits*

2024 Annual Contribution Limit
$3,200 (increased from $3,050 in 2023).
2024 Annual Rollover Limit
$640 (increased from $610 in 2023).

*Includes limited purpose FSAs that are restricted to dental and vision care services, which can be used in tandem with HSAs.

HSA Limits and HDHP Requirements

2024 HSA Contribution Limit
Individual/Self Coverage – $4,150 (increased from $3,850 in 2023).
Family Coverage – $8,300 (increased from $7,750 in 2023).
2024 HDHP Minimum Deductible
Individual/Self Coverage – $1,600 (increased from $1,500 in 2023).
Family Coverage – $3,200 (increased from $3,000 in 2023).
2024 HDHP Maximum Out-of-Pocket
Individual/Self Coverage – $8,050 (increased from $7,500 in 2023).
Family Coverage – $16,100 (increased from $15,000 in 2023).

Adoption Assistance

2024 maximum credit allowed $16,810 (increased from $15,950 in 2023).

Mass Transit and Parking Monthly Election Limit

2024 monthly limit $315 (increased from $300 in 2023).
Includes transit passes, van pool services, and parking on or near the business worksite or a location from which employees commute to work by driving and then using mass transit.

To learn more visit Benefit Resource (BRI) and SHRM.

Contact us for help when you’re ready to enroll a group in a BRI Specialty Account.

Questions?
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