| | | | | 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 |
---|
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
|
| | | |
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The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal professional.
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This communication is strictly intended for individuals residing in the state(s) of AZ, CA, CO, FL, ID, ME, MT, NV, OR, TN, TX and WI. No offers may be made or accepted from any resident outside the specific states referenced. | Prepared by Broadridge Advisor Solutions Copyright 2024. | | |