
FSA Plan
information:
-Announced 3/26/21, and effective from January
2020, the amounts paid for personal protective equipment are eligible to
be paid or reimbursed under health flexible spending arrangements
(health FSAs).
Effective January 2020 the IRS now allows
OVER-THE-COUNTER medications as an eligible FSA Expense.
Link for more details....
Effective January 2020 the IRS has increased
the FSA medical maximum from $2700 to $2750. Check with your
Employer to see if they have implemented or changed your specific plan.
-Effective January 2019 the IRS has increased
the FSA medical maximum from $2650 to $2700. Check with your
Employer to see if they have implemented or changed your specific plan.
-Effective January 2018 the IRS has increased
the FSA medical maximum from $2600 to $2650. Check with your
Employer to see if they have implemented or changed your specific plan.
-Effective January 2017 the IRS has increased
the FSA medical maximum from $2550 to $2600. Check with your
Employer to see if they have implemented or changed your specific plan.
-Effective January 2015 the IRS has increased
the FSA medical maximum from $2500 to $2550. Check with your Employer to
see if they have implemented or changed your specific plan.
-Many plans now offer a up to $550 roll over feature or a
75 day grace period option to the FSA plan. Check with your Employer if
either option is applied to your plan.
Direct Deposit payment frequency for claim payments will occur weekly!
We are urging all participants to sign up for Direct Deposit for their Medical & Dependent Care Account reimbursements. This process will be especially useful for Dependent Care accounts whereby there should be minimal lag time between your payment to your daycare provider and your reimbursement, as long as the payment from your employer is received. Claims must be received in our office by 5:00pm on Monday to be included in that weeks processing. Any account that is set up for ACH Direct deposit will have their claims paid on a weekly basis. Funds are typically in your account available by the end of the week, however the bank has three business days to post it to your account. Download the direct deposit form now: Direct Deposit
Reimbursable Mileage Rates for Flexible Spending Plans
Transportation Rates for Section 132 Plans
Parking - $270 per month for 2020 Transit -
*$270 per month for 2020
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Parking - $265 per month for 2019 Transit -
*$265 per month for 2019
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Parking - $260 per month for 2018 Transit -
$260 per month for 2018
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*Note: For Transit accounts, The Commonwealth of
MA maximum amount for inclusion is $140 as they did not increase the
amount to $270, therefore up to $140 can be set-up pre-taxed for
Commonwealth of MA taxes, $270 for Federal taxes.
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