2024 Health FSA Inflation Adjustments Released

Catherine Sbarra / Sr. Advisor / Phone: 847-668-9684

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