The IRS recently announced Revenue Procedure 2018-57, which provides the cost-of-living increases and inflation adjustments for certain items.
The notable items for 2019 are:
- 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 from $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.
This is in addition to the announcement the IRS made on May 10, 2018 that stated the 2019 Health Savings Account (HSA) contributions limit increase for 2019. The limit for individual coverage will increase $50 from the current $3,450 to $3,500, and the family coverage contribution will increase $100 from the current $6,900 to $7,000.
Please feel free to Contact Us with any questions regarding these changes.