The table below serves as a quick reference for employers, summarizing the maximum contribution limits for health & welfare, retirement, commuter benefits, and adoption assistance plans for 2024. It compares these limits to those of 2023, helping you identify the changes.
Action Steps for Employers:
- Update Plan Communications: Modify your 2024 plan documents, including open enrollment materials and summary plan descriptions, to reflect these new limits.
- Coordinate with Vendors: Work with your benefit administration and payroll providers to ensure they update their systems with the 2024 contribution limits by January 1, 2024.
The detailed table of 2024 contribution limits compared to 2023 amounts can be found here.
| Health & Welfare Plan Limits | 2024 | 2023 | Change from 2023 |
|---|---|---|---|
| Health Care FSA contribution limit | $3,200 | $3,050 | +$150 |
| Health Care FSA maximum carryover amount | $640 | $610 | +$30 |
| HSA maximum contribution (self-only coverage) | $4,150 | $3,850 | +$300 |
| HSA maximum contribution (family coverage) | $8,300 | $7,750 | +$550 |
| HSA catch-up contribution limit | $1,000 | $1,000 | No change |
| HDHP minimum deductible (self-only coverage) | $1,600 | $1,500 | +$100 |
| HDHP minimum deductible (family coverage) | $3,200 | $3,000 | +$200 |
| HDHP maximum out-of-pocket (self-only coverage) | $8,050 | $7,500 | +$550 |
| HDHP maximum out-of-pocket (family coverage) | $16,100 | $15,000 | +$1,100 |
| ACA Compliant Plans cost-sharing maximum limits (self-only coverage) | $9,450 | $9,100 | +$350 |
| ACA Compliant Plans cost-sharing maximum limits (family coverage) | $18,900 | $18,200 | +$700 |
| EBHRA maximum amount | $2,100 | $1,950 | +$150 |
| QSEHRA maximum amount (self-only coverage) | $6,150 | $5,850 | +300 |
| QSEHRA maximum amount (family coverage) | $12,450 | $11,800 | +$650 |
| Retirement Plan Limits | 2024 | 2023 | Change from 2023 |
|---|---|---|---|
| Section 401(k)/403(b)/457(b)(2) Plans maximum elective deferrals | $23,000 | $22,500 | +$500 |
| Section 401(k) or 403(b) Plans catch-up contribution limit | $7,500 | $7,500 | No change |
| Section 415(c)(1)(A) defined contribution addition limitation | $69,000 | $66,000 | +$3,000 |
| Section 414(q)(1)(B) Highly compensated employee |
$155,000 | $150,000 | +$5,000 |
| Section 401(a)(17) Maximum includible compensation |
$345,000 | $330,000 | +$15,000 |
| Section 416(i)(A)(i) “Key employee” in a top-heavy plan |
$220,000 | $215,000 | +$5,000 |
| Social Security FICA Taxable Wage Base |
$168,600 | $160,200 | +$8,400 |
| Commuter Benefit Limit | 2024 | 2023 | Change from 2023 |
|---|---|---|---|
| Transit and Parking – contribution limit | $315 | $300 | +$15 |
| Adoption Assistance Plan Limit | 2024 | 2023 | Change from 2023 |
|---|---|---|---|
| Adoption Assistance maximum contribution (including benefits provided for special needs children) | $16,810 | $15,950 | +$860 |
