FSAs let workers stash away pre-tax money for qualifying medical or child-care expenses. Last year, 46% of workers had access to a health FSA and 43% to a dependent care FSA, according to the Bureau of Labor Statistics.
Yet as the pandemic rolled across the nation in 2020, some households saw their FSA dollars remain unspent as medical appointments were canceled or delayed and child-care facilities closed. Here s what to know about the changes if your company chooses to adopt them.
The details
For starters, the limit on contributions to dependent-care FSAs is much higher in 2021, under the newest legislative relief package. For married couples filing joint tax returns, the cap is $10,500, up from $5,000. For single filers, the limit is $5,250, up from $2,500.
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