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November HR News Worth Review

Employee Benefit Plan Limits for 2023

Many employee benefits are subject to annual dollar limits that are adjusted for inflation by the IRS each year. The following commonly offered employee benefits are subject to these limits:

  • High deductible health plans (HDHPs) and health savings accounts (HSAs);
  • Health flexible spending accounts (FSAs);
  • 401(k) plans; and
  • Transportation fringe benefit plans.

The IRS typically announces the dollar limits that will apply for the next calendar year well before the beginning of that year. This gives employers time to update their plan designs and make sure their plan administration is consistent with the new limits. Due to high rates of inflation, all of these limits will substantially increase for 2023.Click here to view the plan limits. Note that there are some benefit limits that are not indexed for inflation, such as the dependent care FSA limit and the catch-up contribution limit for HSAs, marked with an asterisk on the table.   Employer TakeawayEmployers should make sure to update their open enrollment materials and plan documents to reflect these new limits. As a reminder, the updated $610 FSA carryover limit is for amounts carried over from the 2023 plan year into 2024, not 2022 into 2023.

EEOC Fact Sheet: FAQs on New “Know Your Rights” Poster 

On Oct. 25, 2022, the Equal Employment Opportunity Commission (EEOC) issued a fact sheet containing FAQs about its new poster titled “Know Your Rights: Workplace Discrimination is Illegal.” The EEOC initially released a version of the new poster on Oct. 19, and then reissued a revised version on Oct. 20. Among other things, the FAQs about the new “Know Your Rights” poster clarify that if an employer downloaded or printed it on Oct. 19, the employer should ensure that it uses the newer version, which is instead marked as “Revised 10/20/2022.” The FAQs also confirm that there is no specific deadline for employers to replace the old “EEO is Law” poster. However, they advise employers to post the new and revised poster “within a reasonable amount of time.” Employer TakeawayPrivate sector employers with 15 or more employees and affected federal contractors should:

  • Download and print the new “Know Your Rights” poster that is marked as “Revised 10/20/2022” and is available in English and Spanish on the EEOC website;
  • Display the new poster(s) in a conspicuous location in the workplace where notices to applicants and employees are customarily posted;
  • Make the poster available and accessible for individuals who are blind or visually impaired by posting a digital version that has been optimized for screen readers; and
  • Follow all other applicable EEOC guidance about the new poster.

If you need assistance in obtaining the newest poster, or other required labor and employment posters, contact your Higginbotham representative for connection to our HR Services division.

Kaiser Family Foundation Releases 2022 Employer Health Benefits Survey

The Kaiser Family Foundation (KFF) recently released its 24th annual Employer Health Benefits Survey. Key findings from the article include:

  • There is very little change to the cost of employer-sponsored health insurance in 2022, with 2022’s average annual premium being $7,911 for single employee coverage and $22,463 for family coverage – two percent and one percent higher, respectively, from rates in 2021.
  • Workers at small firms (with less than 200 workers) on average pay $7,556 out of their paychecks annually for family coverage – nearly $2,000 more than workers at larger firms ($5,580).
  • A large share (66 percent) of employers are “very satisfied” or “satisfied” with the overall cost of care for their employees. Large firms are more likely to be at least “satisfied” with the overall cost of care than small firms (79 percent vs. 65 percent).
  • Almost half of large employers reported an increase from 2021 in the share of employees using mental health services.
  • More employers (up to 34 percent in 2022 from 27 percent in 2017) are offering incentives for participating in or completing wellness programs.

Employer Takeaway

The entire survey, which can be viewed here, is useful for employers who want to review their particular benefit offering versus a national benchmark. If you wish to know more about benchmarking your particular benefits against a certain industry or region, please contact your Higginbotham representative.

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