IRS Increases FSA Annual Election Maximum

On Thursday, November 15, 2018, the IRS released updated contribution limits for 2019 plan years:

Flexible Spending Accounts (FSA)

• Annual Medical and Limited Purpose FSA contribution limits increase from $2,650 to $2,700 (a $50 increase).
• Monthly Qualified Parking and Transportation Account limits increase from $260 to $265 (a $5 increase).
• Dependent Care Flexible Spending Account limits remain unchanged.

Health Savings Accounts (HSA)

• Single coverage contribution limit increases to $3,500 (a $50 increase).
• Family coverage contribution limit increases to $7,000 (a $100 increase).
• Catch-up contribution for account holders age 55 or older remains at $1,000.

To adjust your FSA contribution to the new 2019 limit, contact your InTANDEM HR Account Manager by December 31, 2018.