New 2024 FSA, Commuter, and HSA program IRS limits

Newly released: Healthcare Flexible Spending Account and Commuter IRS limits

On November 9th, 2023, the IRS released Rev. Proc. 2023-34 with 2024 cost-of-living adjustments for various Code provisions, including Health FSAs and Section 132 Transportation Plans. Forma designed your plan to automatically adjust these limits for the new year, so you do not need to take any steps other than notify employees for open enrollment.

As usual, there is no increase to the maximum exclusion for Dependent Care FSA reimbursement. In 2024, that maximum remains at $5,000 for single employees and married employees filing taxes jointly and $2,500 for married employees filing taxes separately. 

2024 HSA plan limit

As a reminder, the IRS released HSA-related limits earlier in the year covered below.

Get help ensuring programs are compliant

As always, these new limits arrive very late in the year and updates to 2024 plans will need to act promptly to accommodate the new limits. 

If your open enrollment has NOT closed: Communicate the new plan limits to employees by updating your enrollment materials.

If your open enrollment has closed: Consider allowing employees the opportunity to make new elections before the start of the year based on the limit increases. 

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