Employee Benefit Plan Limits in 2024

Many employee benefits have annual dollar limits, adjusted for inflation by the IRS. Common benefits affected include:

  • High deductible health plans (HDHPs) and health savings accounts (HSAs)
  • Health flexible spending accounts (FSAs)
  • 401(k) plans
  • Transportation fringe benefit plans

The IRS announces these limits before each calendar year, allowing employers to update plans accordingly. This overview provides 2024 inflation-adjusted limits, with 2023 limits for comparison. Note that some limits, like dependent care FSA and HSA catch-up contributions, remain unchanged. Stay informed for effective plan management.

HAS Contribution
Self Only$3,850$4,150Up $300
Family$7,750$8,300Up $500
Catch-up Contributions*$1,000$1,000No change
HDHP Minimum Deductible
Self Only$1,500$1,600Up $100
Family$3,000$3,200Up $200
HDHP Out-of-Pocket Maximum
Self Only$7,500$8,050Up $550
Health FSA
Limit on employees’ pre-tax contributions$3,050$3,200Up $150
Carryover limit$610$640Up $30
Dependent Care FSA*
Tax exclusion$5,000 ($2,500 if married and filing taxes separately)$5,000 ($2,500 if married and filing taxes separately)No change
Transportation Fringe Benefits (Monthly Limits)
Transit pass and vanpooling (combined)$300$315Up $15
Parking$300$315Up $15
401(k) Contributions
Employee elective deferrals$22,500$23,000Up $500
Catch-up contributions$7,500$7,500No change
Limit on total contributions$66,000$69,000Up $3,000
Adoptions Assistance Benefits
Tax exclusion$15,950$16,810Up $860

*Limits that are not adjusted for inflation


IRS Revenue Procedure 2023-23: 2024 limits for HSAs and HDHPs

IRS Notice 2023-75: 2024 limits for retirement plans

IRS Revenue Procedure 2023-34: 2024 limits for health FSAs, adoption assistance and transportation fringe benefits

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