With 2024 right around the corner, here are a variety of insurance-related numbers and dates to keep in mind. Should you have any questions, don't hesitate to contact us.
Minimum Wage
The minimum wage in Connecticut rises from $15.00 to $15.69 per hour as of January 1st. Life and disability insurance are typically two benefits that are based on salary. If you have minimum wage employees, those salaries will need to be updated with your insurance company. Note that this may impact payroll deductions if employees contribute toward the cost of these benefits.
ALE Affordability
The 2024 affordability percentage for Applicable Large Employers (ALEs) is 8.39%. An ALE cannot charge more than 8.39% of an employee's income for the least expensive Employee Only coverage made available. Note that the percentage is effective on January 1st regardless of when a company's plan renews during the year. As an example, a company that renews on July 1st still needs to comply with the 2024 requirement as of January 1st.
Health Savings Accounts
In 2024, folks who are enrolled in a high deductible health plan that's compatible with a Health Savings Account are allowed to contribute up to $4,150 (Self Only coverage) or $8,300 (Family coverage). The 2023 limits were $3,850 and $7,750, respectively. The catch-up contribution remains at $1,000 for taxpayers who are 55 or older. Keep in mind that any employer contributions into an HSA also count toward the annual limits.
Flexible Spending Accounts
In 2024, employers can opt to allow employees to set aside up to $3,200 for the year in healthcare expenses through their FSA. This figure is up from $3,050 in 2023. The rollover allowance will increase accordingly to $640 in 2024, for employers who offer their employees the opportunity to roll funds over into the following plan year. The dependent care maximum remains at $5,000 ($2,500 if married, but filing separately) in 2024.
Medicare Premiums
The Medicare Part B base premium will rise to $174.70 per month in 2024. For additional information about Medicare costs, click HERE.
2024 Insurance Calendar
October 15: Medicare AEP Begins
November 1: Access Health CT Open Enrollment Begins
December 7: Medicare AEP Ends
December 15: Access Health CT Open Enrollment Ends (for 1/1 Policies)