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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