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For plan years beginning on or after January 1, 2024, employers should be aware of legal changes affecting the design and administration of their plans. It’s important to communicate any benefit changes to your employees through an updated summary plan description (SPD) or a summary of material modifications (SMM). Also, the open enrollment period is a good time to distribute any required notices, some of which are required annually or during an employee’s initial enrollment.Here is a brief overview of some changes for 2024:
- The ACA affordability percentage for plan years that begin on or after January 1, 2024, has not been released yet. Stay tuned to our blog for updates. The current adjusted percentage for 2023 is 9.12%.
- The non-HDHP out-of-pocket maximum is $9,450 for self-only, $18,900 family.
- The HSA Qualified HDHP out-of-pocket maximum is $8,050 for self-only, $16,100 family.
- The health FSA limits for 2024 have not been released yet. The current limit for 2023 is $3,050. Stay tuned to our blog for updates.
| Type of Limit | 2024 | |
| HSA Contribution Limit | Self-only | $4,150 |
| Family | $8,300 | |
| HSA Catch-up Contributions (not subject to adjustment for inflation) | Age 55 or older | $1,000 |
| HDHP Minimum Deductible | Self-only | $1,600 |
| Family | $3,200 | |
| HDHP Maximum Out-of-pocket Expense Limit (deductibles, copayments and other amounts, but not premiums) | Self-only | $8,050 |
| Family | $16,100 | |
Download the 2024 Open Enrollment Checklist for more details.
National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.
