The IRS recently announced an increase in the contribution limit for Medical Spending Accounts (MSAs) and Limited-use MSAs for 2023. The limit increased from $2,850 to $3,050. Insurance-eligible active employees can elect to contribute up to $3,050 to an MSA in 2023 during open enrollment, which ends October 31. Log in to MyBenefits at https://mybenefits.sc.gov to make your open enrollment elections.

If you have already made your open enrollment elections, you can change your MSA contribution for 2023 if you wish. Simply log in to MyBenefits to make your changes before 11:59 p.m. on October 31. If your benefits administrator has already approved your initial elections, contact your benefits administrator to make a change. Your benefits administrator must submit the change to PEBA by October 31, 2022.

The IRS also increased in the carryover amount of unused funds for 2023. The maximum carryover amount increased from $570 to $610. This means you can carry over into 2024 up to $610 in unused funds from your account. You will forfeit funds over $610 left in your account after the March 31, 2024, reimbursement deadline.

If you have any questions, please contact your benefits administrator.