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Flexible Spending Account Contribution Limit Climbs

InterWest Insurance Services

The IRS recently announced that the annual contribution limit for flexible spending accounts will rise to $3,200 in 2024, up $150 from this year. Earlier in 2023, the IRS also announced the maximum contribution limits to health savings accounts, which are similar to FSAs, but they must be attached to a high-deductible health plan.

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What employees expect from benefits packages

Business Management Daily

Medical plans with no or low-cost deductibles. Outstanding pharmaceutical and/or hospitalization coverage. Employers also may want to explore benefit plan additions such as: Flexible Spending Accounts. Flexible employee schedules/work-from-home options. Insurance that is accepted at a greater range of places.