IRS Releases 2024 Limits for QSEHRA, Health FSA and Commuter Benefits
NEW HSA ANd FSA Plan
By: Gene Ennis
IRS 2024 Limits FSA, QSEHRA, Commuter:
The IRS released Revenue Procedure 2023-34 which contains its 2023 inflation adjusted maximum contribution limits for health FSAs, commuter benefits, adoption assistance, QSEHRAs, and more. They also increased the health FSA carryover limit for 2024.Among the tax provisions of importance to Core Documents’ clients are those relating to the health FSAs, commuter benefits, adoption assistance and the QSEHRA. Below are some of the highlights for 2024
Health Savings Account and High Deductible Health Plan Limits
Earlier this year, the IRS in Revenue Procedure 2023-23 announced the inflation-adjusted amounts for health savings account and high-deductible health plans for 2024. The HSA limit for self-only/family coverage will increase to $4,150 and $8,300, respectively for 2024. The maximum annual out-of-pocket expense limits for high deductible health plans for self-only and family coverage will increase in 2024. The minimum annual deductible for self-only and family coverage will also increase in 2024.
Employers should review their various benefit plan documents such as the HSA, QSEHRA, health fsa, qualified transportation fringe benefits and adoption assistance plans to ensure that the increased limits are properly stated and implemented for 2024
