The IRS is making big changes to FSAs and HSAs. Here's what to know.
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Employers typically offer a period of open enrollment in the fall, when their workers are allowed to pick new health plans, enroll in a Flexible Spending Account or make other changes to their benefits. This year, there are some changes ahead that could help employees, while also potentially opening up some financial pitfalls.
Among the biggest changes for 2023 are with two tax-advantaged health savings accounts — Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA). These accounts can save workers a nice chunk of change by allowing them to sock away pre-tax money to pay for medical expenses. Basically, you save what you would have paid in taxes on money you put in the accounts.
In 2023, employees can put away as much as $3,050 in an FSA, an increase of about 7% from the current tax year's cap of $2,850. Meanwhile, single workers who want to fund an HSA can save up to $3,850 next year, a 5.5% increase from 2022, while families can save up to $7,750, up 6.2%.
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