When it comes to navigating the world of employee benefits, there’s a lot to take in, especially if you’re a first timer. Among the suite of benefits you’re likely to be offered, voluntary benefits are often misunderstood. What are Some Examples of Voluntary Benefits? Voluntary benefits include a variety of options, all designed to...
The IRS Just Announced the 2024 Health FSA Contribution Cap!
As most organizations are already in the thick of annual benefits enrollment, the IRS announced that employees can funnel an extra $150 into their health flexible spending accounts (FSAs) next year.
The annual contribution limit is rising to $3,200 in 2024, up from $3,050 in 2023. If the employer’s plan permits the carryover of unused health FSA amounts, employees can carry over up to $640 in 2024. That’s up $30 over the 2023 carryover amount, which is $610.
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