By now I am sure you have heard there are still a few more changes to come in terms of how you can use your Flexible Spending Accounts. A few changes have already come down the pipeline and began on Jan 2011. These changes involved how over-the-counter medications could be paid for. No longer with your FSA debit card, but could be submitted via paper-work for a potential reimbursement. Now changes are coming to how much you can put into your Flexible Spending Account.
Beginning on Jan 1, 2013, the maximum contribution a single employee will be able to make to their FSA will max out at $2500. If a husband and wife both contribute to an FSA, they will each be able to contribute $2500 (click here for more information). Previously there has been no legal limit to the amount that an employee can contribute, however most employers placed restrictions, usually around $5000.
Going forward the $2500 limit will fluctuate with inflation. According to Mercer’s National Survey of Employer-Sponsored Health Plans the average FSA contribution in 2009 was only about $1,424. Unfortunately for FSA covered procedures such as LASIK, which averages about $4500, your FSA account may no longer be able to cover the full cost, and patients may need to look to special financing to cover the rest.
*To learn how you can use your FSA to pay for LASIK please visit our Flexible Spending Calculator