IRS Announces 2022 Limits

11/11/2021

The IRS has released in Revenue Procedure 2021-45 cost of living adjustments for annual maximums for 2022.  Included are the limits for Healthcare Flexible Spending Accounts (Health FSAs), Qualified Transportation Plans (Transit and Parking), and Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs) for 2022.

  • The Health FSA limit has increased to $2,850 for 2022. This also applies to Limited FSAs.

 

  • The Health FSA maximum rollover amount has increased to $570 for 2022. This also applies to Limited FSAs.

 

  • The Transit limit has increased to $280 per month for 2022.  The Parking limit has also increased to $280 per month for 2022.

 

  • The QSEHRA limits have been increased to $5,450 for single coverage and $11, 050 for family coverage for 2022.

 

Health Savings Account (HSA) limits were released earlier this year.  The 2022 contribution limits for HSAs are:

 

  • Single Coverage: $3,650
  • Family Coverage:$7,300

 

BusinessPlans, Inc. does not intend to provide legal or tax advice and information contained in this article should not be interpreted as such. Regulations governing benefit plans are often open to interpretation and should be reviewed with your legal or tax advisor before making any decisions regarding your plan.