IRS updates on the 2024 Health FSA Contribution Cap

On Nov. 9, the Internal Revenue Service announced that for 2024, employees can increase their health flexible spending account (FSA) by an additional $150.  The 2024 contribution limit is $3,200 (Medical FSA).

The annual limit on HSA contributions for self-only coverage will be $4,150 in 2024, a 7.8% increase from the $3,850 limit in 2023. For family coverage, the HSA contribution limit jumps to $8,300 in 2024, up 7.1% from $7,750 in 2023.