The IRS and State Health Division has just issued a notice that the maximum annual election for the healthcare Flexible Spending Account (FSA) will increase to $2,650 (from $2,600) effective January 1, 2018. The maximum biweekly amount will now be $110.41 per paycheck.
What does this mean to you? If you have already submitted your health care flexible spending account enrollment elections for 2018, you can go back into the IVR system and re-elect your healthcare FSA to the new maximum amount (completely voluntary) up until the end of the day on November 15, 2017.
If you elected less than the maximum and are satisfied with that election you do not have to do anything. If you have questions please contact hrbenefits@umbc.edu
Remember: Open Enrollment runs through November 15, 2017. If you currently have an FSA and want one for next year, its vital that you call the IVR before the open enrollment deadline.
