| | | | | Protection PlanningEligible long-term care premium deduction limits:
LTC premium deduction limits | 2023 | 2024 |
---|
Age 40 or under | $480 | $470 | Age 41-50 | $890 | $880 | Age 51-60 | $1,790 | $1,760 | Age 61-70 | $4,770 | $4,710 | Over age 70 | $5,960 | $5,880 |
Per diem limit:
LTC periodic payments | 2023 | 2024 |
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Periodic payments for qualified long-term care insurance/certain life insurance | $420 | $410 |
Archer Medical Savings Accounts
High deductible health plan--self-only coverage | 2023 | 2024 |
---|
Annual deductible--minimum | $2,650 | $2,800 | Annual deductible--maximum | $3,950 | $4,150 | Annual out-of-pocket expenses required to be paid (other than for premiums) can't exceed | $5,300 | $5,550 |
High deductible health plan--family coverage | 2023 | 2024 |
---|
Annual deductible--minimum | $5,300 | $5,550 | Annual deductible--maximum | $7,900 | $8,350 | Annual out-of-pocket expenses required to be paid (other than for premiums) can't exceed | $9,650 | $10,200 |
Flexible spending account (FSA) for health care
Health care FSAs | 2023 | 2024 |
---|
Maximum salary reduction contribution | $3,050
| $3,200 |
Health Savings Accounts (HSAs)
Annual contribution limit | 2023 | 2024 |
---|
Self-only coverage | $3,850 | $4,150 | Family coverage | $7,750 | $8,300 |
High deductible health plan--self-only coverage | 2023 | 2024 |
---|
Annual deductible--minimum | $1,500 | $1,600 | Annual out-of-pocket expenses required to be paid (other than for premiums) can't exceed | $7,500 | $8,050 |
High deductible health plan--family coverage | 2023 | 2024 |
---|
Annual deductible--minimum | $3,000 | $3,200 | Annual out-of-pocket expenses required to be paid (other than for premiums) can't exceed | $15,000 | $16,100 |
Catch-up contributions | 2023 | 2024 |
---|
Annual catch-up contribution limit for individuals age 55 or older | $1,000
| $1,000
|
| | | | IMPORTANT DISCLOSURES Philippe E Berthoud and William E. Riquier offer Securities and Advisory Services through United Planners Financial Services, Member FINRA/SIPC. United Planners and The Retirement Financial Center are independent companies. Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, legal, or retirement advice or recommendations. The information presented here is not specific to any individual's personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
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