2015 Taxes and Health
The Flexible Spending Account Limits will increase to $2,550 US for qualifying health care expenses. This is $50 US more than 2014.
A Flexible Spending Account (FSA) is an account that allows an employee to set aside pre-taxed money out of their weekly paycheck to pay for medical expenses.
New changes to this plan with the Affordable Care Act is that the “use it or lose it” rule does not apply. With the new changes, $500 US can now be carried over to the next year and not be lost at the end of the year.
A FSA debit card (flexcard) is one way the funds can be drawn out of the account and used.
The account limit is $2,250 single and $5,000 for dependent/married.
For more information if this meets your needs, questions, and more can be answered by your employer’s human resource department or your tax consultant.
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