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FSA & Commuter Contribution 2023 Limits Released

FSA & Commuter Contribution 2023 Limits Released

by Alex | Oct 20, 2022 | Tax

The IRS has released the 2023    Flexible Savings Account (FSA) inflation adjustments.  These changes will take place for plan years that begin on or after January 1, 2023.

For employers who currently allow the FSA maximum, unless told otherwise, OCA will automatically amend the new FSA maximum to reflect the 2023 increase. OCA will also be providing additional 2023 employee guides/marketing material in the upcoming days.  *The limit also applies to limited-purpose FSAs.

2023 Limit Increases

 Benefit Type 2023 2022 Change
Health FSA Limit*$3,050 $2,850 + $200 Annually
 Health FSA Carryover Amount $610 $570 + $40 Annually
Dependent Care Account Limit $5,000 $5,000 No Change
Monthly TransitAccount Limit$300 $280 + $20 per month
Monthly  Parking
Account Limit
$300 $280 + $20 per month

  *The limit also applies to limited-purpose FSAs

RESOURCE:

https://360peo.com/hsa-2023-dollar-limits/ 

https://www.medicalsolutionscorp.com/hsa-vs-fsa/

HSA-FSA-HRA: What’s the Difference?

  • Qualified Medical Expenses

Interested in learning more? Please email info@360peocom or call us at 855-667-4621. 

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