The Internal Revenue Service recently announced a cost-of-living increase to the 2017 FSA contribution cap. This change, called Revenue Procedure 2016-55, aims to offset inflation. The new medical FSA limit is now $2,600 for 2017. This is up from $2,550 in 2016. Many other pre-tax benefits also had slight adjustments.
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No changes were made to the transit, parking, or dependent care contribution limits. The individual HSA contribution limit increased to $3,400 annually, and the family HSA contribution limit did not change.
Clarity Benefit Solutions simplifies online benefit administration for brokers, employers, and consumers. The company’s technology and services are designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance. Our FSA and HSA products make it easy to save money and comply with the latest IRS regulations.