The IRS recently announced an increase in the 2024 contribution limit for Medical Spending Accounts (MSAs) and Limited-use MSAs. The limit increased from $3,050 to $3,200.
Because this announcement was made after open enrollment, benefits-eligible employees may enroll in an MSA now through November 31. Employees who elected to contribute to an MSA during open enrollment may also increase their contribution. Employees cannot decrease the contribution they chose during open enrollment.
PEBA emailed eligible employees on Friday, November 17, informing them of the opportunity to enroll or increase their contribution.
To enroll in an MSA or to increase your contribution, complete a paper Notice of Election (NOE) form, sign it and return it to the Benefits team via the MSA submission portal no later than 12:00 p.m. on Thursday, November 30, 2023 to allow for processing time.
Please contact Benefits with any questions.