13 New Tax Numbers to Know for 2024

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5. Medical Financial savings Account

This can be a kind of account obtainable to contributors in sure high-deductible Medicare plans.

For taxable years starting in 2024, the time period “excessive deductible well being plan” means, for self-only protection, a well being plan that has an annual deductible that isn’t lower than $2,800 and less than $4,150, and underneath which the annual out-of-pocket bills required to be paid (apart from for premiums) for coated advantages don’t exceed $5,550.

For household protection, the time period “excessive deductible well being plan” means a well being plan that has an annual deductible that isn’t lower than $5,550 and less than $8,350, and underneath which the annual out-of-pocket bills required to be paid (apart from for premiums) for coated advantages don’t exceed $10,200.

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