IRS Provides Tax Inflation Adjustments for Tax Year 2022

What you need to know:

For Flores Health Care FSA clients currently allowing the IRS maximum contribution of $2,750, Flores will automatically adjust your Health Care FSA plan to allow for enrollment up to the IRS maximum of $2,850 in 2022. Flores plan documents will be updated automatically to reflect the change. No changes will be made to your plan maximum if you indicated you do not want an automatic adjustment on your 2022 re-enrollment checklist.

For plans permitting a Health Care FSA carryover, the carryover limit has been increased by $20 to $570 for 2022 plans. Carryover limits will be automatically increased to $570 for all Health Care FSA clients currently allowing participants to carryover up to $550. If you do not wish for your carryover limit to be increased, please notify your Account Manager.

Monthly Commuter Benefit limits for parking and for transit will rise by $10 from $270 to $280 for tax year 2022.