IRS Updates Healthcare Flexible Spending Account Limit for 2017
The IRS has released cost of living adjustments for annual maximums for 2017. Included in the limit updates is the limit for Healthcare Flexible Spending Accounts (Health FSAs) for 2017.
The Health FSA limit has been increased to $2,600 for 2017. The increase also applies to Limited FSAs. This is a $50 increase from the previous limit of $2,550.
The limit for Qualified Transit and Parking (QTP) plans remains the same for 2017. The monthly maximum for transit will remain $255 per month. The monthly limit for parking will remain $255 per month.
The 2017 Health Savings Account (HSA) limits are as follows:
High Deductible Health Plan (HDHP) Minimum Deductible:
- Single – $1,300
- Family – $2,600
HDHP Maximum Out-of-Pocket:
- Single – $6,550
- Family – $13,100
HSA Maximum Contribution Limit
- Single – $3,400
- Family – $6,750
Catch Up Contribution (for account holders age 55 and older) – $1,000
BusinessPlans, Inc. – myCafeteriaPlan does not intend to provide legal or tax advice and information contained in this article should not be interpreted as such. Regulations governing pretax plans are often open to interpretation and should be reviewed with your legal or tax advisor before making any decisions regarding your plan.