Each year, based on inflation, the Internal Revenue Service (IRS) adjusts the annual amounts employees can contribute to Health Savings Accounts (HSAs), and this year, participants will see a significant increase. The adjustments represent approximately a 5.5% increase over 2022 contribution limits, compared to 2021 and 2022, when those limits rose only 1.4%.
The annual inflation-adjusted limit on HSA contributions for self-only coverage will be $3,850, an increase of $200 over 2022.
The HSA contribution limit for family coverage will be $7,750, an increase of $450 over 2022.
In Rev. Proc. 2022-24, the IRS also sets the minimum deductible and maximum out-of-pocket expenses for the High Deductible Health Plans, which participants must be enrolled in to qualify for a HSA. For 2023, the amounts are:
The minimum annual deductible is $1,500 for self-only coverage, an increase of $100 over 2022.
The minimum annual deductible is $3,000 for family coverage, an increase of $200 over 2022.
The maximum out-of-pocket amounts for self-only coverage is $7,500, an increase of $450 over 2022.
The maximum out-of-pocket amounts for family is $15,000, an increase of $900 over 2022.
However, these amounts differ if you have an ACA plan. The Department of Health and Human Services (HHS) establishes different annual maximum out-of-pocket limits for essential health benefits covered under an ACA-compliant plan:
The maximum out-of-pocket cannot be more than $9,100 for an individual, an increase of $400 over 2022.
The maximum out-of-pocket limit cannot be more than $18,200 for a family, an increase of $800 over 2022.
Self-only: $3,850
Family: $7,750
Self-only: $3,650
Family: $7,300
Self-only: $1,500
Family: $3,000
Self-only: $1,400
Family: $2,800
Self-only: $7,500
Family: $15,000
Self-only: 7,050
Family: $14,100
Self-only: $9,100
Family: $18,200
Self-only: $8,700
Family: $17,400
Furthermore, if your employees are contributing to a Flexible Spending Account (FSA), allowing them to set aside funds for qualified out-of-pocket expenses, the IRS has also significantly increased the amount for 2023.
In 2023, employees can contribute up to $3,050 to an FSA, $200 more than last year, compared to the $50 to $100 increase seen in past years. Employees can use these tax-free savings on eligible medical out-of-pocket expenses.
Please advise employees to check their Summary of Benefits coverage for any changes if they have one of these types of plans.
SBCs for 2023 and other plan documents are now accessible at mycbs.org/health under My Coverage Summary. Please be sure to check for any changes to your medical and prescription benefit coverage.
Notice of HIPAA Special Enrollment Rights
HIPAA Privacy Policies & Notices
Women’s Health and Cancer Rights Act (WHCRA) Notice
Newborns’ and Mothers’ Health Protection Act (NMHPA)
Annual Children’s Health Insurance Program Reauthorization Act (CHIPRA) Notice
Medicare Part D Notices
Wellness Program Notices
Christian Brothers Services, in addition to providing the required annual notices applicable to the Christian Brothers Employee Benefit Trust (CBEBT) plans, would like to remind administrators and participants of the regular updates being made to the specialty medication list, as well as the regular prescription formulary list.
Specialty medication:As part of your pharmacy benefit through Express Scripts, a copay assistance benefit is administered by SaveOnSP, which helps you save money on certain specialty medications. Specialty medications provide unique treatments with remarkable results for complex, chronic diseases. The Plan now includes more than 350 medications in the program.
SaveOnSP continues to monitor available specialty manufacturer copay assistance programs to optimize savings. Drug list modifications for January 1, 2023 ensure alignment with SaveOnSP research.
Some medications will be added or removed effective January 1, 2023, so please closely review this drug list.
Regular prescription drugs listEvery quarter, Express Scripts Inc. (ESI), the Trust’s Pharmacy Benefits Manager, announces changes to its formulary drug list. Each drug included on the formulary is approved by the Food and Drug Administration (FDA) and reviewed by an independent group of doctors and pharmacists for safety and efficacy. Some prescription drugs currently covered will be excluded from the formulary list, while other prescription drugs will move from a Preferred Brand status to a Non-Preferred Brand status.
Medications indicated on the formulary list are typically grouped into three tiers: Generic, Preferred Brand and Non-Preferred Brand. Formulary management enables participants to choose clinically appropriate and cost-effective drugs for specific conditions. Medications not on the formulary list are not covered by the Plan.
In the event a participant’s medication is removed from the formulary list, a notification will be sent well in advance, informing participants of other drugs available in the same therapeutic class.
For the most updated information, visit the Rx Formulary Management section of our website. The formulary list is not all-inclusive and does not guarantee coverage, as it is subject to change. In addition to using this list, participants are encouraged to ask their doctor to prescribe generic drugs whenever appropriate.
2023 National Preferred Formulary with Exclusions
Please note that while the Trust subscribes to Express Script's National Preferred Formulary, certain drugs and/or care inconsistent with the tenets of the Catholic Church may not apply or be covered. Please refer to the plan booklet for further details.
