IRS Announces 2019 Contribution Limits for Health Care FSAs and Qualified Transportation Plans
Today, the Internal Revenue Service announced the tax year 2019 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes (generally referred to as cost-of-living increases). Revenue Procedure 2018-57 provides details about these annual adjustments.The 2019 tax items of greatest interest to our clients that are employers and plans sponsors include:
- Annual Healthcare Flexible Spending Account (FSA) contribution limits will increase $50 from the current amount of $2,650 to $2,700.
- Monthly limit for transit and parking will increase $5 from the current amount of $260 to $265.
- Annual maximum reimbursement for a qualified small employer health reimbursement arrangement (QSEHRA) will increase $100 for individual coverage from the current amount of $5,050 to $5,150, and the maximum reimbursement amount will increase $200 for family coverage from the current amount of $10,250 to $10,450.
Please contact your Account Manager or Sales Executive for more information.
Links:
- 2019 HSA Limits
- IRS News Release 11/15/2018
- Revenue Procedure 2018-57
- 2019 Healthcare FSA limit $2,700
- 2019 Parking Limit $265
- 2019 Transportation Limit $265
Related articles
Employers across the globe have been battling the rising costs of healthcare for decades, with employer healthcare costs projected to reach $2.2 trillion by the year 2030. The impact of these rising...
Employee leave has become a growing challenge for many employers as states begin to implement their own laws and regulations surrounding leaves of absence. For organizations with employees operating...
As organizations grapple with the alarming rise in employee burnout, a key piece of the puzzle is providing managers with the right support, tools, and strategies. A recent global survey by McKinsey...