The IRS has released a Revenue Procedure announcing that the Healthcare FSA limit is increasing to $3,200 for plan years beginning on or after January 1, 2024, which is an increase of $150 from the current 2023 maximum of $3,050.

In addition, the FSA carryover for 2024 has been increased to $640 per year, an increase of $30 from the current 2023 maximum of $610.

The monthly commuter benefit limit for both mass transit and parking increased by $15, for a maximum monthly contribution limit of $315.

We have created this handy guide of 2024 Limits. Click HERE to download your copy.

We have been contacting our clients who have Healthcare Flexible Spending Accounts and/or Commuter Benefits with us to see if they want to make any changes for January 1, 2024.

As always, if you have any questions or need additional information, please do not hesitate to contact me at (610) 853-9075.