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IRS Announces 2017 FSA Contribution Maximums

10/31/16

  06:10:00 pm, by MedBen5   , 141 words,  
Categories: News, Consumer-driven Health Plans, IRS

IRS Announces 2017 FSA Contribution Maximums

IRS Building

Following lengthy speculation, the Internal Revenue Service (IRS) has at last formally announced the annual inflation adjustment for health flexible spending accounts (FSAs) for the 2017 tax year.

The 2017 dollar limitation on voluntary employee salary reductions for contributions to health FSAs is $2,600, marking a slight increase from the current $2,550 maximum. Additionally, the dependent care FSA maximum annual contribution for next year is $5,000, unchanged from 2016.

The announcement comes some months after the IRS released 2017 contribution limits and out-of-pocket maximums to health savings accounts (HSAs) tied to a high-deductible plan. In most cases, the amounts were frozen in place, with a small increase in single contribution limits ($3,400, from $3,350 in 2016) being the sole exception.

MedBen clients who wish to implement FSA changes, or who have any questions regarding FSA contributions, are welcome to contact Director of Administrative Services Sharon A. Mills at (800) 423-3151, Ext. 438 or smills@medben.com.

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