FSA Plan information:
Effective January 2017 the IRS has increased the FSA medical maximum from $2550 to $2600. Check with your Employer to see if they have implemented or changed your specific plan.
-Effective January 2015 the IRS has increased the FSA medical maximum from $2500 to $2550. Check with your Employer to see if they have implemented or changed your specific plan.
-Many plans now offer a $500 roll over feature or a 75 day grace period option to the FSA plan. Check with your Employer if either option is applied to your plan.
-Continual reminder that Effective 1/1/2011 Over-The-Counter "medicines" are no longer an eligible FSA expense without a doctor's prescription. Link for more details....
Direct Deposit payment frequency for claim payments will occur weekly!
We are urging all participants to sign up for Direct Deposit for their Medical & Dependent Care Account reimbursements. This process will be especially useful for Dependent Care accounts whereby there should be minimal lag time between your payment to your daycare provider and your reimbursement, as long as the payment from your employer is received.
Claims must be received in our office by 5:00pm on Monday to be included in that weeks processing.
Any account that is set up for ACH Direct deposit will have their claims paid on a weekly basis. Funds are typically in your account available by the end of the week, however the bank has three business days to post it to your account.
Download the direct deposit form now: Direct Deposit
Reimbursable Mileage Rates for Flexible Spending Plans
Transportation Rates for Section 132 Plans
Parking - $255 per month for 2016 & 2017
Transit - *$255 per month for 2016 & 2017
(*Note: For Transit accounts, The Commonwealth of MA maximum amount for inclusion is $130 as they did not increase the amount to $255, therefore up to $130 can be set-up pre-taxed for Commonwealth of MA taxes, $255 for Federal taxes)