- The dollar limit on voluntary employee salary reduction contributions to health flexible spending accounts is increased to $2,650 for plan years beginning in 2018.
- The monthly exclusion amount for transportation and transit passes is increased to $260.
- The monthly limit for the qualified parking exclusion is increased to $260.
- The dollar amount used to determine the penalty for an individual who does not maintain minimum essential health coverage remains at $695.
- For participants who have self-only coverage in a Medical Savings Account, the plan must have an annual deductible of not less than $2,300 but not more than $3,450 (increased from 2017). For self-only coverage, the maximum out of pocket expense amount is increased to $4,600. For family coverage, the annual deductible minimum is $4,600 and maximum is $6,850 (increased from 2017). The out of pocket expense limit for family coverage is increased to $8,400.
- The dollar amount that may be claimed as an employee health insurance expense of small employers is increased to $26,700. This amount is used for limiting the small employer health insurance credit and for determining who is a small employer.
- The maximum amount that can be excluded from an employee’s gross income for qualified adoption expenses furnished pursuant to an adoption assistance program is increased to $13,840.
As always please contact your Total Benefit Solutions account manager at (215)355-2121 if you have any questions or concerns.