IRS Announces Higher 2015 Flexible Spending Account Limits

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The IRS has announced a new 2015 inflation-adjusted annual contribution limit for health flexible spending accounts (FSAs) in Rev. Proc. 2014-61 says ConnectYourCare

The IRS has announced a new 2015 inflation-adjusted annual contribution limit for health flexible spending accounts (FSAs) in Rev. Proc. 2014-61.

The FSA contribution limit for general purpose and limited purpose FSAs has been increased by $50 to $2,550 for plan years beginning January 1, 2015. This is the second modification to health FSA contribution limits since the Patient Protection and Affordable Care Act (PPACA) changed the annual limit to $2,500 in 2010. PPACA specified that beginning in 2014, the annual maximum limit would be adjusted based on increases in the Consumer Price Index.

Dependent Care FSA limits are not affected by this change. The current limit for dependent care FSAs is $5,000 for couples who are married and file a joint return, as well as single parents. Couples who are married but file separately can put a maximum of $2,500 each into a Dependent Care FSA.

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As people who can make sense of the evolving health care landscape, ConnectYourCare gives employers a fighting chance against skyrocketing health care costs—while offering employees a valuable benefit they use and appreciate to better manage health savings. Delivering ROI and efficiencies at every turn; giving individuals tools they can use to make better-informed choices, including our renowned service representatives; simplifying the entire process with market-setting technology solutions—and continually developing new features and options—these are the core competencies that have allowed us to grow a loyal and highly satisfied client base of organizations of every size. Learn more at ConnectYourCare.com.

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Cynthia Piazza
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