With an isolved Benefit Services Flexible Spending Account, you'll be freed from tedious recordkeeping. isolved Benefit Services will guide you through plan design options and provide up to date plan documents. Once you select one of our simple and secure submission formats, you'll supply a list of participants and their annual elections. isolved Benefit Services will provide welcome documents; a comprehensive resource center and a Participant Support Center to help your participants get started with their Health and Dependent Care FSAs. isolved Benefit Services takes care of all of your documentation and recordkeeping needs and provides you with detailed reports–all while protected the tax-preferred status of your benefit!
The IRS has released 2022 cafeteria plan, commuter plan, and QSEHRA thresholds in Revenue Procedure 2021-45, as shown below. Notably, isolved Benefit Services will increase the 2022 limit to $2,850 automatically for customers with plans that have elected the maximum IRS contribution rate.
|Flexible Spending Accounts (FSAs)||2021||2022|
|Health FSA Maximum Election||$2,750||$2,850|
|Dependent Care FSA Maximum Election||$10,500 (due to ARPA)||$5,000|
|Maximum Rollover for FSA||$550||$570|