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IRS Announces 2023 FSA Limits

The Internal Revenue Service recently released Revenue Procedure 2022-38, announcing the cost-of-living adjustments for calendar year 2023. The dollar limitation on voluntary employee salary reductions for contributions to health Flexible Spending Accounts (FSA) increased to $3,050 (up from $2,850).  If a cafeteria plan permits health FSA carryovers, the maximum amount that can be carried over to the 2024 plan is $610 (up from $570).

Health Flexible Spending Account Limits by Tax Year

2023 2022 2021 2020 2019
$3,050 $2,850 $2,750 $2,750 $2,700

For additional guidance on FSAs, please review IRS Publication 969.

If you have any questions, please contact your MedCost Account Manager.