10 New Tax Numbers for 2024, for Life and Health Pros

For 2024, the acceptable deductible ranges will be $2,800 to $4,150 for self-only coverage, and $5,550 to $8,350 for family coverage, For 2023, the acceptable deductible ranges are $2,650 to $3,950 for self-only coverage, and $5,300 to $7,900 for family coverage.

The maximum annual out-of-pocket expense limits will increase to $5,550 for individuals and $10,200 for families, from $5,300 for individuals and $9,650 for families.

7. Qualified Small Employer Health Reimbursement Arrangement

The maximum eligible employer reimbursement amounts for this program will increase to $6,150 for individual coverage and from $12,450 for family coverage, from $5,850 for individual coverage and $11,800 for family coverage.

Numbers for Long-Term Care Planners

8. Eligible Long-Term Care Premiums

Clients who have high enough medical bills to benefit from itemizing their medical expenses can include at least some of their private long-term care insurance premiums in their medical expense total.

The amounts that can be included in the medical expense total vary by age.

For 2024, the amounts went down, apparently because of the effect of the COVID-19 pandemic on long-term care insurance claims and premiums.

Here’s how the 2024 “includible” premium levels compare with the 2023 levels:

40 or under: will decrease to $470, from $480.
More than 40 and up to 50: will decrease to $880, from $890.
More than 50 and up to 60: will decrease to $1,760, from $1,790.
More than 60 and up to 70: will decrease to $4,710, from $4,770.
70 and older: will decrease to $5,880, from $5,960.

9. The Qualified Long-Term Care Insurance Contract or Life Insurance Contract Per Diem Limitation

The dollar limit on the benefits will decrease to $410 per day, from $420 per day.

Legislative Advocacy

10. Reporting Exception Limit

The IRS offers a reporting exception for some tax-exempt organizations with nondeductible lobbying expenditures.

The reporting exception limit will increase to $140 or less for 2024, from $132 or less for 2023.

IRS headquarters in Washington. Credit: Shutterstock