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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:
| 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.