Q.- If a group’s health flexible spending account plan year is 11/1/24 – 10/31/2025, can participants elect to contribute up to $3,300 or are they limited to $3,200?
A.- The IRS maximum contribution limit for Health Care Flexible Spending Accounts is based on the plan year. The 2025 limits apply to plan years that start on or after January 1, 2025.
A Health Care FSA running 11/1/2024-10/31/2025 would have a maximum contribution amount of $3,200 for the 2024 plan year.
Benefit Allocation Systems (BAS) provides best-in-class, online solutions for: Employee Benefits Enrollment; COBRA; Flexible Spending Accounts (FSAs); Health Reimbursement Accounts (HRAs); Leave of Absence Premium Billing (LOA); Affordable Care Act Record Keeping, Compliance & IRS Reporting (ACA); Group Insurance Premium Billing; Property & Casualty Premium Billing; and Payroll Integration.
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