2024 COLAs for Benefit Plans

Partial mid-year update, May 2023

Each year, federal regulators announce various cost of living adjustments (COLAs) affecting tax, employee benefits dollar amounts and penalties for the upcoming calendar year.

These adjustments are announced at various times of the year. This document contains a shortened list to reflect adjustments for 2024 that have been announced to date. A full update will be available in fall 2023.

* For individuals with family coverage, no amounts can be paid from the HDHP (other than for preventive care) until the requi red minimum annual deductible for family HDHP coverage has been satisfied. Thus, an HDHP is not qualified if there is an “embedded” individual deductible (i.e. e., a n individual deductible within the family (“umbrella”) deductible) that is lower than the minimum required deductible for HDHP family coverage. For example, a m ini mum annual individual deductible for 2023, if embedded, must be at least $3,000.00 (which is the 2023 minimum annual deductible for family coverage ).
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