Annual Enrollment opens October last week and runs through November first week. Check your Employer Benefit website. Here are some things to keep in mind as Annual Enrollment approaches
- Review your current elections
- Any changes in your personal situation? For example, have you married or had a child, or plan to do so next year? Any medical changes for you or your covered dependents or upcoming surgery?
- Review your current life insurance coverage. Consider enrolling in or increasing your optional life insurance coverage for you and your dependents. Confirm that your designated beneficiaries for life insurance and savings plans are up-to-date on Employer Benefit website.
2023 Heads-up – Retirement contributions
- 401(k) and 403(b)
Employee Contribution Limit – The total employee contribution limit to all 401(k) and 403(b) plans for those under 50 will be $22,500.
The catch-up contribution limit will be $7,500,
*So if you’re 50+, your 401(k) employee contribution limit should be $30,000 - 401(k)/403(b)/401(a)
Total Contribution Limit – The total of all employee and employer contributions per employer is $66,000 for those under 50.
*So if you’re 50+, the total contribution should be $73,500. - Traditional and Roth IRA Contribution Limits
IRA contribution limits and catch-up contributions will increase to $6,500 ($7,500 if 50+). - Health Savings Account (HSA) Contribution Limits
For single people, the HSA contribution limit will be $3,850 – Family coverage is always double the single coverage, so it will it be $7,700. *HSA Catchup contribution (55 and above) : $1000