News
November 09, 2023
IRS Announces 2024 Health FSA Contribution Cap
Employees can funnel an extra $150 into their health flexible spending accounts (FSAs) next year, the IRS announced Nov. 9.
The annual contribution limit is rising to $3,200 in 2024, up from $3,050 in 2023. The hike is still significant, although it's a smaller boost than the $200 hike seen this year.
If the employer's plan permits the carryover of unused health FSA amounts, employees can carry over up to $640 in 2024. That's up $30 over the 2023 carryover amount, which is $610.
The annual contribution limit is rising to $3,200 in 2024, up from $3,050 in 2023. The hike is still significant, although it's a smaller boost than the $200 hike seen this year.
If the employer's plan permits the carryover of unused health FSA amounts, employees can carry over up to $640 in 2024. That's up $30 over the 2023 carryover amount, which is $610.
For more information, visit https://www.shrm.org/ResourcesAndTools/hr-topics/benefits/Pages/fsa-2024-annual-contribution-limit-irs-cola.aspx?
Back to previous page