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Health Care FSA $2,500 Limit

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You may have heard that health care reform imposes a $2,500 limit on annual salary reduction contributions to Health Care FSAs, effective for taxable years beginning after December 31, 2012. The $2,500 limit is indexed for inflation for taxable years starting with 2014. As we await more guidance from the IRS, we’d like to discuss a few issues related to the limit and offer some examples to help you in the interim.
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Categories: Health Care Reform | Tags: Health Care FSA

Uniform Coverage and the Health FSA

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The Uniform Coverage Rule requires that “the maximum amount of reimbursement from a health FSA must be available at all times during the period of coverage (properly reduced as of any particular time for prior reimbursements for the same period of coverage).” Prop. Treas. Reg. §1.125-5(d)(1).
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Categories: Benefits in General, Compliance | Tags: Health FSA , Uniform Coverage Rule
Divorced parents who share custody of their child cannot each make a $2,500 dependent care FSA election. For purposes of the dependent care FSA (subject to a $5,000 maximum annual election amount), only the custodial parent may use the dependent care FSA benefit. The custodial parent is the parent with whom the child resides the greatest number of nights.
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Categories: | Tags: Dependent Care FSA , Cafeteria Plan
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