Despite thousands still dying each week from COVID-19 in the U.S., certain pandemic relief provisions have come to an end in the last year. And it looks like employers may need to prepare themselves for more changes ahead.
The Internal Revenue Service has upped the contribution limit on flexible spending accounts to $3,050, allowing 20% of that amount, or $610, to carry over from 2023 into 2024. As tax-advantaged financial accounts, healthcare FSAs are typically used to pay for medical and dental expenses not covered by insurance with money an employee contributes from their paychecks throughout the year. Employers can choose to contribute as well.
