HSA

The HSA is an individual Health Savings Account that is owned by the employee and may be used for the payment of medical expenses that are not covered by a qualified High Deductible Health Plan (HDHP), including expenses that go toward satisfying the deductible. This maximum is inclusive of employer and employee contributions.

2021 Maximum Contribution

Individual: $3,600

Family: $7,200

Catchup: $1,000

 

2021 Statutory Deductible Limit

Individual: $1,400

Family: $2,800

 

2022 Maximum Contribution

Individual: $3,650

Family: $7,300

Catchup: $1,000

 

2022 Statutory Deductible Limit 

Individual: $1,400

Family: $2,800

 

 

FSA

A Health or Dependent Care Flexible Spending Account (FSA) allows participating employees to reduce their earnings on a pre-tax basis to pay for certain qualified expenses. Salary reductions provide significant tax savings to both the employee and the employer.

2021

Health FSA: $2,750

Dependent Care FSA: $10,500

 

2022

Health FSA: $2,850

Dependent Care FSA: $5,000

 

 

FSA Rollover (Carryover)

Employers may offer employees the option of rolling over a portion of their remaining Health FSA balance each year, to be used in the same type of plan during the following plan year. The final balance that is available for rollover will be determined after the current plan year’s claim submission deadline.

COVID-19 Note: The Rollover provision is normally not available for Dependent Care FSA, but due to COVID relief legislation that was passed in 2021, Rollover has been made available on a temporary basis for unused Dependent Care FSA funds from the 2020 and 2021 plan years only (if the employer opted in for it). This temporary measure will not apply to 2022 Dependent Care FSA funds.

2021 Rollover into 2022 Plan Year: 
Full balance remaining in 2021 Health FSA and/or 2021 Dependent Care FSA

2022 Rollover into 2023 Plan Year: 
Health FSA - Up to $570 of remaining 2022 balance
Dependent Care FSA - Rollover not allowed

 

 

Transit

The Transit Plan allows employees to set money aside on a pre-tax basis for mass transit expenses. Employees get to use tax-free money for their commuting expenses when traveling to and from work.

2021: $270 per month

2022: $280 per month

 

 

Parking 

The Parking Plan allows employees to set money aside on a pre-tax basis for work-related parking expenses. Employees get to use tax-free money for parking at or near an office location or mass transit hub.

2021: $270 per month

2022: $280 per month

 

 

Tuition Reibursement

With a Tuition Reimbursement Plan, the IRS allows employees to generally exclude from income amounts received from an employer-sponsored tuition assistance or educational assistance program (EAP) used to fund employee education-related expenses, subject to the maximum limitation stated below.

2021: $5,250

2022: TBD