Open Enrollment 2024 Health Savings Accounts Guide

This compliance bulletin serves as a guide for employers sponsoring high deductible health plans (HDHPs) that are compatible with health savings accounts (HSAs) during the open enrollment period for 2024. It outlines the importance of educating employees about HSAs, including their tax advantages and eligibility requirements. Employers are advised to review their HDHP's design to ensure compliance with IRS limits for minimum deductibles and out-of-pocket maximums for 2024. The bulletin details the contribution limits for HSAs, which are set at $4,150 for individuals with self-only coverage and $8,300 for family coverage. Additionally, it highlights the necessity of communicating any changes in plan design or coverage options, particularly regarding telehealth services and COVID-19 benefits. Employers are encouraged to provide resources to help employees understand the benefits of HSAs and the rules governing their use, ensuring that employees can make informed decisions during the enrollment process.