UPDATE…..The IRS has re-released the 2019 cost-of-living adjusted amounts for Health Savings Accounts (HSAs). To be eligible to continue to an HSA, an individual must be covered under a high deductible health plan (HDHP) and meet certain other eligibility requirements. 2019 Annual Contribution Limitation For calendar year 2019, the annual limitation on HSA deductions for [...]
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2018 IRS Flexible Spending Account Maximums
The 2018 IRS Annual Flexible Spending Account (FSA) benefit for Health Care (HCR) is up to a maximum of $2,650 and for Dependent Care (DCR), it is $5,000. Be sure to check your company’s Summary Plan Description (SPD) for the amount your plan allows.
2018 401(k) Contribution Limits Set
The IRS sets the Defined Contribution Plan Limits for 2018. Reference IRS Notice 2017-64. 2018 2017 Change Maximum employee elective deferral $18,500 $18,000 +$500 Employee catch-up contribution (if age 50 or older by year-end) $6,000 $6,000 No change Defined contribution maximum limit, all sources $55,000 $54,000 +$1,000 Defined contribution maximum limit (if age 50 or [...]
2017 Health Savings Account Limits
The IRS has released the 2017 inflation adjusted amounts for Health Savings Accounts (HSAs). To be eligible to continue to an HSA, an individual must be covered under a high deductible health plan (HDHP) and meet certain other eligibility requirements. 2017 Annual Contribution Limitation For calendar year 2017, the annual limitation on HSA deductions for [...]
2017 IRS Parking and Transit Maximums
The 2017 IRS monthly maximum benefit for Qualified Transit expenses is $255; and for Qualified Parking expenses, it is also $255. Do you pay the same amount each month for eligible parking and/or transit costs? Did you know you can complete and submit to ABS an Automatic Transit and Parking Affidavit for your recurring [...]
2016 IRS Annual Flexible Spending Account Maximums
The 2016 IRS Annual Flexible Spending Account (FSA) benefit for Health Care (HCR) is up to a maximum of $2,550 and for Dependent Care (DCR), it is $5,000. Be sure to check your company’s Summary Plan Description (SPD) for the amount your plan allows.
2016 Medical Mileage Reimbursement Rate
The IRS has announced the 2016 Medical Mileage reimbursement rate will be 19 cents per mile. This is a decrease from the late 2015 rate of 23 cents per mile. You can use your Section 125 Health Care Reimbursement Account to be reimbursed any mileage costs associated with traveling to and from your medical appointments and services. Simply track [...]
2016 Health Savings Account Limits
The IRS has released the 2016 inflation adjusted amounts for Health Savings Accounts (HSAs). To be eligible to continue to an HSA, an individual must be covered under a high deductible health plan (HDHP) and meet certain other eligibility requirements. 2016 Annual Contribution Limitation For calendar year 2016, the annual limitation on HSA deductions for [...]
Do you have a Dependent Care FSA account?
Do you pay the same amount each month for eligible child or dependent care expenses? It’s easy to save time filing your claim each month for these recurring expenses. Simple complete our Automatic Dependent Care Affidavit, submit it with a copy of your receipt from the provider, and we will automatically reimburse you each month [...]
Still Waiting for Your Reimbursement Check?
Stop waiting for the check to arrive in the mail! Sign up for Direct Deposit and your funds are automatically deposited into your bank account. In our Participant section, under Forms, you can download the Direct Deposit form and submit it with a voided check. *It can take up to two weeks for direct [...]