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IRS Contribution Limits (2024 Update)

Each year the IRS announces updates to contribution limits for Flexible Spending Accounts (FSA), Health Savings Accounts (HSA), Health Reimbursement Arrangements (HRA), and other tax-advantaged accounts. Here’s a look at what’s changing:

LIMIT CATEGORY 2024 LIMITS 2023 LIMITS
Health FSA: Max Contribution Limit $3,200 $3,050
Health FSA: Rollover Max $640 $610
DCFSA: Max Contribution Limit $2500 / $5000 $2,500 / $5,000
HSA: Max Contribution Limit $4,150 Self-Only
$8,300 Family		 $3,850 Self-Only
$7,750 Family
HSA: Catch-Up Contribution Limit $1000 $1000
HSA: HDHP Out-of-Pocket Max $8,050 Self-Only
$16,100 Family		 $7,500 Self-Only
$15,000 Family
HSA: HDHP Minimum Annual Deductible $1,600 Self-Only
$3,200 Family		 $1,500 Self-Only
$3,000 Family
Commuter Reimbursement: Parking $315 $300/month
Commuter Reimbursement: Transit $315 $300/month

Out-of-pocket maximum for group health plans announced for 2023

OOPM released for the 2023 plan year represents a 4.3% increase from OOPM for the 2022 plan year.

  • Applies to: All states, Regulatory and compliance

The 2023 out-of-pocket maximum (OOPM) for health plans is $9,100 for single coverage and $18,200 for family coverage. The 2023 OOPM represents a 4.3% increase above the 2022 OOPM of $8,700 for self-only coverage and $17,400 for family coverage.

OOPM for 2023 plan year OOPM for 2022 plan year
Self-only: $9,100 Self-only: $8,700
Family: $18,200 Family: $17,400

The annual OOPM requirement applies to most non-grandfathered group health plans, regardless of whether the plan is fully insured or self-funded (ASO). It does not apply to grandfathered, transitional Relief, and retiree-only plans. The OOPM includes copayments, deductibles, and coinsurance amounts associated with both medical and pharmacy-covered benefits.

High-deductible plans with health savings accounts (HSAs) have limits that are different, including OOPM, deductible, and contribution limits. The Internal Revenue Service has not yet released final rules for 2023 HSA limits. Historically these are released in May. Please contact our office with any questions or concerns.