Every year, the IRS adjusts dollar limits for health and welfare plan contributions & amounts based on the cost-of-living. As with 2023, 2024’s increases are significant, as noted below. However, changes to Flexible Spending Account limits for 2024 have not yet been announced, as of 11/1/2023.
As a reminder, these are the maximum/minimum limits set by the Affordable Care Act; a health plan has full discretion to set its own limits so long as it’s within the bounds of these limitations.
High Deductible Health Plan (HDHP) Limits
2023 Limit
2024 Limit
Change
Maximum Out-of-Pocket for Individual Coverage
$7,500
$8,050
+ $550
Minimum Deductible to qualify as HDHP (Individual)
$1,500
$1,600
+ $100
Maximum Out-of-Pocket for Family Coverage
$15,000
$16,100
+ $1,100
Minimum Deductible to qualify as HDHP (Family)
$3,000
$3,200
+ $200
Health Savings Account (HSA) Limits
2023 Limit
2024 Limit
Change
Maximum Annual Contribution for Individual Coverage
