Did you know about updating the 2023 maximum contribution amount for health care flexible spending account content on your HR Knowledgebase site?
In 2022, the maximum dollar amount that health care FSA plan participants could contribute was $2,850.
The maximum has increased by $200 to $3,050 for 2023.
Spouses working for the same company can jointly contribute a maximum of $6,100.
FSA Health Care Plan Content
On your Knowledgebase site, health care FSA content can include:
- Authored FSA health care plans
- Authored combination FSA dependent care/health care plans
- Content documents (pages)
- Uploads
The topics within authored FSA plans that typically include information about the annual maximum contribution amount are:
- Overview
- Health
- Are there any limits?
We encourage you to review the FSA health care plan content on your Knowledgebase site to ensure that the maximum contribution amounts appear current for 2023.
This is the case whether your organization's health care FSA plan offers the federal maximum, or a lesser maximum amount.
Also review any content pages and upoads (related SPDs, benefit summaries, etc.) for consistency.
Either update them internally via the Client Content Toolset (CCT) or send a maintenance request to the HRSD Customer Success team via Infor Concierge.
FSA Health Care Calculator
If your Knowledgebase sites includes the FSA Health Care Calculator, the maximum contribution amount should be updated each year.
Again, this is the case whether your organization's plan health care FSA plan offers the federal maximum, or a lesser maximum amount.
This amount is not updated every year automatically.
We encourage you to contact your CSM for information about the following settings in your FSA Health Care Calculator:
- The current maximum contribution amount setting
- The number of pay periods in the calendar year (typically 24, some organizations use 12 or 26)
The correct settings maximize the calculator's usefulness. New employees access it when enrolling in health care benefits. The entire staff pool uses it during open enrollment.
About the FSA Health Care Calculator
If your Knowledgebase site does not include the FSA Health Care Calculator, but does include FSA health care content, consider adding this useful tool for:
- Figuring health care costs for the calendar year
- Determining the amount of pre-tax dollars to contribute to a health care flexible spending account (FSA) per pay period
- Viewing the annual tax savings
Criteria include:
Estimate Expenses:
- Medical, dental, vision deductible and copays
- Medical expenses not covered by your health plan
- Prescription expenses not covered by your health plan
- Dental/orthopedic care expenses not covered by your health plan
- Vision care expenses not covered by your vision plan
- Medical equipment and other non-reimbursed medical expenses
Pay Periods and Taxes:
- Pay periods per year
- Federal tax bracket
Results include:
- Deduction per pay period
- Estimated annual tax savings
Locations for the FSA Health Care Calculator
The FSA Health Care Calculator typically appears:
- On the Calculators main (landing) page
- On the Health & Wellness main page
The FSA Health Care Calculator can appear in the following locations:
- Calculators main page
- Two additional main pages or Life Events pages (or one of each)
- On content pages in a link list
For additional details about the FSA Health Care Calculator, please see V11 KB: About the FSA Health Care Calculator.
For questions or more information, contact your HRSD Customer Success Manager.
