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The IRS released the 2023 plan year maximum contribution limits for Health Flexible Spending Accounts (FSAs) and Commuter Benefits in Revenue Procedure 2022-38. The table below reflects these changes:
Employers sponsoring FSA and commuter benefit plans are advised to work with their benefit administration vendors and payroll providers to ensure these new maximum contribution limits are updated for upcoming Open Enrollment periods as well as January 1, 2023.
Reach out to your Risk Strategies representative with questions or contact us at firstname.lastname@example.org.
*At this time, the IRS did not announce any adjustments in this Revenue Procedure to Dependent Care Account maximum contribution limits, which remain unchanged.