Novaura - Employee Benefits & Insurance Insights

2024 Health FSA Inflation Adjustments Released

Written by Novaura | 11/14/23 6:36 PM

 

On November 9, 2023, the Internal Revenue Service issued Revenue Procedure 2023-34 that establishes various 2024 tax-related limits that have been adjusted for inflation. The table below identifies updates to the 2024 health and fringe benefit plans addressed in this notice.

Benefit 

2023 

2024 

Maximum Annual Employee Contribution to a Health Flexible Spending Account (Health FSA) 

$3,050 

$3,200 

Health FSA Carryover Limit 

$610 

$640 

Adoption Assistance Program 

$15,950 

$16,810 

Maximum Annual Employer Contribution to a Qualified Small Employer HRA (QSEHRA) 

$5,850 (self-only coverage) $11,800 (family coverage) 

$6,150 (self-only coverage) 

$12,450 (family coverage) 

Maximum Monthly Benefit for Qualified Transit Passes, Van Pool Services, and Qualified Parking 

$300 

$315 

 

 

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