The IRS has announced the 2024 health and welfare plan limits. Each year these limits are adjusted to keep pace with the cost-of-living increase. The Tax Code allows tax-favored benefits that employers may provide to employees and sets an annual limit on these amounts.
Here (opens a new window) is the cost-of-living adjustment (COLA) grid with the limits for 2024 and the corresponding limits for 2023. Note that 2024 health savings account (HSA) and high-deductible health plan (HDHP) limits have been released earlier this year, as well as limits for certain health reform-related fees and penalties. Those updates are included in the COLA grid as well.
The COLA grid also includes important health and welfare plan notice and filing deadlines, as well as retirement benefit plan annual limits with key retirement plan notice and filing deadlines.
Click here (opens a new window) for a printable version.