The IRS announced Revenue Procedure 2020-45 which provides the 2021 cost-of-living increases for inflation for certain items. In 2021, the:

• Annual Healthcare Flexible Spending Account (FSA) contribution limits will not increase they will remain at the 2020 amount of $2,750
• Monthly limit for Transit and Parking will not increase they will remain at the 2020 amount of $270 per benefit
• Annual maximum reimbursement for a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) will increase $50 for individual coverage from the current amount of $5,250 to $5,300 and the maximum reimbursement amount will increase $100 for family coverage from the current amount of $10,600 to $10,700

As a reminder, the IRS announced 2021 Health Savings Account (HSA) contributions limit increases earlier this year. In 2021, the annual HSA contribution limit for individual coverage will increase $50 from the current $3,550 to $3,600, and the family coverage contribution limit will increase $100 from the current $7,100 to $7,200. 

 

Please note that this email has been sent to the Company Plan Administrator and Broker Contacts, please share with others in your organization.

If you have any questions, please contact American Benefits Group for more information.

The IRS announced Revenue Procedure 2020-45 which provides the 2021 cost-of-living increases for inflation for certain items. In 2021, the:

• Annual Healthcare Flexible Spending Account (FSA) contribution limits will not increase they will remain at the 2020 amount of $2,750
• Monthly limit for Transit and Parking will not increase they will remain at the 2020 amount of $270 per benefit
• Annual maximum reimbursement for a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) will increase $50 for individual coverage from the current amount of $5,250 to $5,300 and the maximum reimbursement amount will increase $100 for family coverage from the current amount of $10,600 to $10,700

As a reminder, the IRS announced 2021 Health Savings Account (HSA) contributions limit increases earlier this year. In 2021, the annual HSA contribution limit for individual coverage will increase $50 from the current $3,550 to $3,600, and the family coverage contribution limit will increase $100 from the current $7,100 to $7,200. 

Please note that this email has been sent to the Company Plan Administrator and Broker Contacts, please share with others in your organization.

If you have any questions, please contact American Benefits Group for more information.