Benefits Limits for 2024

Each year, the IRS sets new limits for employee benefits plans, flex plans, and retirement plans. Please see below for Lake Effect’s ready reference chart setting forth the Benefits Limits for the 2024 tax year.

 

 

2023

2024

Flexible Spending Accounts (FSAs)

  

Healthcare FSA max election (per year) (incl. LTD FSA)

$3,050

$3,200

Healthcare FSA max rollover

$610

$640

Dependent Care FSA max election (per year) (Single or Married Filing Jointly)

$5,000

$5,000

Dependent Care FSA max election (per year) (Married Filing Separately)

$2,500

$2,500

   

Transportation Benefits

  

Parking Account

$300/mo

$315/mo

Transit Account

$300/mo

$315/mo

   

High Deductible Health Plan Requirements to Contribute to an HSA

  

HDHP min annual deductible – Self-only

$1,500

$1,600

HDHP min annual deductible – Family

$3,000

$3,200

HDHP out-of-pocket max – Self-only

$7,500

$8,050

HDHP out-of-pocket max – Family

$15,000

$16,100

HSA max contribution limit – Self-only

$3,850

$4,150

HSA max contribution limit – Family

$7,750

$8,300

HSA catch up contribution limit (age 55+)

$1,000

$1,000

HRA max employer contribution limit

$1,950

$2,100

   

ACA Plan Limits

  

Maximum Out-of-Pocket (Self-only or Individual in a Family)

$9,100

$9,450

Maximum Out-of-Pocket (Family)

$18,200

$18,900

   

QSEHRA (Qualified Small Employer Health Reimbursement Arrangement) – Max Employer contribution

  

To Individual

$5,850

$6,150

To Family

$11,800

$12,450

 

  

Salary Thresholds for Non-discrimination Testing

  

Highly compensated employees

$150,000

$155,000

Key employees

$215,000

$220,000

   

Retirement Plans (401(k), 403(b))

  

Max employee elective contributions for those 49 and younger

$22,500

$23,000

Max employer + employee contributions for those 49 and younger

$66,000

$69,000

Max employee catch-up contributions for those 50+

$7,500

$7,500

Max employee elective contribution plus catch-up for those 50+

$30,000

$30,500

Max employer + employee contributions for those 50+

$73,500

$76,500

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