As we begin the new year, 2013 brings additional requirements from the Patient Protection and Affordable Care Act (a/k/a Federal Healthcare Reform Law) into effect, one of which being the new medical flexible saving account (FSA) limits.
Effective January 1, 2013, salary reduction contributions for an employee under a health care FSA will have a yearly election limit of $2,500. If a husband and wife are both employed, each of them may elect $2,500 annually. The aforementioned limit does not affect FSA limits for dependent care or adoption assistance, nor does it affect HSA or HRA limits which are governed by a separate set of rules. The health care FSA annual limit may be increased yearly based on cost of living estimates made by the government. For more information regarding the 2013 health care FSA limit please feel free to review http://www.shrm.org/hrdisciplines/benefits/articles/pages/fsaguidance.aspx.