Benefits Newsletter: December, 2023

Time is running out!  The Benefits Open Season will run through December 11, 2023. Don’t miss this opportunity.  If you plan to make an Open Season election, now is the time to do it.  Unless you experience a Qualifying Life Event during the year, the Open Season is your only opportunity to enroll, cancel your enrollment, or make a change to your enrollment for the participating programs. 

Open Enrollment for the 2024 NIH Leave Bank membership year is currently underway and will end on December 11, 2023. Protecting your paycheck while helping others has never been this easy, so don’t miss this final opportunity!

Should you join? Ask our recipients:

The Thrift Savings Plan (TSP) contribution limits have been announced for 2024.  The 2024 IRS annual limit for regular TSP contributions is $23,000, and the TSP Catch-up annual contributions limit is $7,500.  The Catch-up contributions may be made in addition to regular TSP contributions, if you are age 50 or older (or will be turning age 50 in 2024). 

Last year, NIH employees lost an estimated $5.9 million in annual leave. Don’t let your leave disappear!  Please donate your unused “Use-or-Donate” annual leave to the NIH Leave Bank by January 13, 2024!

A Flexible Spending Account (FSA) is an employee benefit that allows you to set aside money, on a pre-tax basis, for certain health care and dependent care expenses.  There are three types of FSA accounts:  1) Health Care FSA (HCFSA); 2) Limited Expense Health Care FSA (LEX HCFSA); and 3) Dependent Care FSA (DCFSA).  If you make an FSA election for the 2024 plan year during the current Federal Benefits Open Season (November 13 – December 11, 2023),

The IRS has increased the Flexible Spending Account (FSA) contribution limits for the Health Care Flexible Spending Account (HCFSA) and the Limited Expense Health Care FSA (LEX HCFSA).  For 2024, participants may contribute up to an annual maximum of $3,200 for a HCFSA or LEX HCFSA. The Dependent Care FSA (DCFSA) maximum annual contribution limit did not change for 2024.  It remains at $5,000 per household or $2,500 if married, filing separately.

The minimum annual election for each FSA remains unchanged at $100.

The Thrift Savings Plan (TSP) is a retirement savings and investment plan for Federal employees and members of the uniformed services.  If you are covered under the Federal Employees Retirement System (FERS, FERS-RAE, and FERS-FRAE), contributing to the TSP is extremely important, as the TSP will be a very large part of your retirement income.  To learn about the importance of contributing to the TSP, take a few minutes to view the following short, informative videos:

Family members eligible for coverage under your “Self Plus One” or “Self and Family” enrollment are your spouse and children under age 26*, including legally adopted children, recognized natural children, and stepchildren.  (*A child age 26 or over is also an eligible family member if he/she is incapable of self-support because of a mental or physical disability that existed before