WEX Health News
On November 15th, 2018, IR-2018-222 of the Internal Revenue Service (IRS) announced the 2019 annual cost-of-living inflation adjustments, which included increased limits for flexible spending accounts (FSAs), transportation fringe benefits, qualified parking expenses, and many other tax-related items.
Changes announced in the latest IRS announcement in regards to FSAs, parking, and transportation benefits are as follows:
- The 2019 Maximum Health FSA Salary reduction contribution has been increased to $2,700 (up $50 from 2018).
- The Monthly Limit on fringe benefit exclusion for transportation fringe benefit and qualified parking has been increased to $265 (up $5 from 2018).