On Thursday, November 15, 2018, the IRS released a statement that officially increased the annual contribution limit for Healthcare Flexible Spending Accounts (FSA) - both Medical FSAs and Limited Purpose FSAs - and the monthly contribution limits for Qualified Parking and Transportation Accounts for any plan years beginning in 2019. There was no change to the Dependent Care Flexible Spending Account.
As consumer-driven benefits continue to rise in the market, so the options for benefit administrators continue to expand for employers. Carriers, banks, HR software companies—it seems that more and more providers are adding FSA and HSA administration to their list of services. With so many choices, it can be difficult to decide who to trust with your pre-tax benefits, but in this dynamic, complex benefit world, it’s more important than ever to have a provider that offers stability, compliance expertise, security, and personalization.
At 24HourFlex, we are always looking for ways to make your day better and simplify your life. That's why we partner with WEX Health to bring you to the most powerful and intuitive software to help you manage your benefits.
The United States now spends almost twice as much on healthcare as other advanced industrialized countries, even though just a few decades ago our healthcare spend was closely aligned to that of other countries. As a result of the rising cost of healthcare, changes to employment and benefits laws and the availability of new benefits options, the employee benefits landscape in the U.S. has also been dramatically altered. One in four Americans now report that the cost of healthcare is the biggest concern facing their family, according to a Monmouth University poll. This makes it more important than ever for employers to offer their employees the guidance and tools they need to manage their healthcare plans and costs. Here are three approaches to help employees manage their healthcare expenses:
Knowing who you work with -- and providing your clients the resources to choose who they work with -- is important. But in the increasingly complex healthcare industry, it can be a challenge to juggle information from so many partners and vendors.
Tags: Cafeteria Plans, COBRA, COBRA Administration, Compliance, Colorado, FSA, HSA, TPA, Benefit Administration, employees, benefits, employers, third party administrator, brokers, Health Savings Accounts, Infographic
The IRS Increases Medical FSA Limit to $2,600:
The IRS announced today (10/25/2016) that the Medical FSA and Limited Purpose FSA cap will increase to $2,600 (an increase $50) for plan years beginning on or after January 1st, 2017. If your plan document was created by 24HourFlex the language will reference the maximum amount permitted, in which case no change is required.
Keep reading below for commonly asked questions related to this update.