As a new year approaches, it is important to make sure you are aware of all of the limits that may affect your tax-free benefit accounts and other benefit programs. Please check with your employer regarding what plans are offered, any additional limits that may exist or to make changes to your election(s) as a result of these changes.
Commuter Benefits
- What are the limits?
- Mass Transit = $255 per month (increase from $130 per month from 2015)
- Parking = $255 per month (increase from $250 per month in 2015)
- When can elections be changed?
- While there may be cut-off dates each month, you can generally change your CBP elections on a monthly basis.
Flexible Spending Accounts
- What are the limits?
- Medical FSA: $2,550 annually (no change from 2015)
Note: Employers can set a lower limit. Check you Plan Highlights. - Dependent Care FSA: $5,000 per year, if married filing jointly or single parent; $2,500 per year, if married filing separately
- Medical FSA: $2,550 annually (no change from 2015)
- When can elections be changed?
- FSA elections must be made at the start of a plan year, unless you have a qualifying event that allows for a mid-year change.
Health Savings Account
- What are the limits?
- Contributions
- Single Coverage = $3,350 (no change from 2015)
- Family Coverage = $6,750 (increase from $6,650 in 2015)
- Catch-up contribution of $1,000 for those 55 and older.
- Minimum Deductible
- Single Coverage = $1,300 (no change)
- Family Coverage = $2,600 (no change)
- Maximum out-of-pocket
- Single Coverage = $6,550
- Family Coverage = $13,100
- Contributions
- When can elections be changed?
- HSA elections can generally be changed at anytime during the year. Please check with your employer regarding any limitations that may exist regarding timing and frequency.
Adoption Assistance in 125 Plan
- $13,460 for 2016
Resources
Revenue procedure 2015-53
Revenue Procedure 2015-30
