13 New Tax Numbers to Know for 2024

5. Medical Savings Account

This is a type of account available to participants in certain high-deductible Medicare plans.

For taxable years beginning in 2024, the term “high deductible health plan” means, for self-only coverage, a health plan that has an annual deductible that is not less than $2,800 and not more than $4,150, and under which the annual out-of-pocket expenses required to be paid (other than for premiums) for covered benefits do not exceed $5,550.

For family coverage, the term “high deductible health plan” means a health plan that has an annual deductible that is not less than $5,550 and not more than $8,350, and under which the annual out-of-pocket expenses required to be paid (other than for premiums) for covered benefits do not exceed $10,200.

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