 |  | | | | | 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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| | | | | Securities offered through Securities America, Inc., Member FINRA/SIPC. Roger M. Smedley, CFP®, Sharla J. Jessop, CFP®, James R. Derrick, CFA, Mikal B. Aune, CFP®, Jordan R. Hadfield, CFP®, and Shane P. Thomas, Registered Representatives and Registered Investment Advisor Representatives of Smedley Financial Services, Inc.® Smedley Financial Services, Inc.®, and Securities America, Inc. are separate entities. Securities America and its representatives do not provide tax or legal advice. Please consult the appropriate professionals regarding your personal situation. | | Prepared by Broadridge Advisor Solutions Copyright 2024. |
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