Take note of 2024 thresholds, limits

    Authored by Bukaty Companies on October 24, 2023

    Employers sponsoring a group health plan have a laundry list of limits and thresholds to note each year. Prepare for 2024 by noting these important IRS-set numbers  

    2024 affordability threshold   

    Employers must provide benefit-eligible employees with affordable health coverage, as established in the Affordable Care Act (ACA). The affordability threshold for the 2024 plan-year is 8.39% of annual household income. The maximum premium contribution an employee could pay for self-only coverage using the federal poverty level (FPL) affordability safe harbor is $101.94.   

    Health savings account (HSA) limits  

    HSAs are an attractive, tax-advantageous option for employees who are on a high deductible health plan (HDHP) and looking to boost their health savings. Those with self-only coverage may contribute up to $4,150 to their HSA in 2024. Employees with family coverage can contribute up to $8,300. Individuals 55 or older may allocate up to $1,000 in catch-up contributions.   

    High deductible health plan (HDHP) limits  

    HDHPs must have a minimum deductible of $1,600 for self-only coverage and $3,200 for family. The maximum out-of-pocket limit should not exceed $9,050 for individual coverage, or $16,100 for family. 

    Blog Category: Business Solutions