IRS ANNOUNCES INCREASES TO FSA AND COMMUTER BENEFITS…

The IRS has just announced increases to the maximum elections for Health FSAs and Commuter Benefits. We have included a quick synopsis below. Should you have any questions, please contact your OCA representative.

Benefit Type

2019

2020

Flexible Spending Account (Annual Election)

$2,700

$2,750

Parking/Transit
(Monthly Election)

$265

$270

Effective January 1st, 2020, the new annual dollar limit for Health FSAs will increase to $2,750. For employers who currently allow the FSA maximum, OCA will automatically be increasing the new FSA maximum to reflect the increase. Dependent Care FSA remains at $5,000. In addition, the monthly limit for qualified transportation and parking benefits will increase to $270 per month. It was previously $265 for both transit and parking.   

2020 Open EnrollmentOCA's Open Enrollment Toolkit

Open enrollment is right around the corner and OCA is here to help make the renewal process seamless! OCA's open enrollment toolkit helps clients access the tools and resources needed to make their renewal quick and easy!

Access Now