Each year, the IRS sets new limits for employee benefits plans and retirement plans. Please see below for Lake Effect’s ready reference chart setting forth the Benefits Limits for the 2022 tax year. A PDF of this information can be downloaded here.
2021 | 2022 | |
Flexible Spending Accounts (FSAs) | ||
Healthcare FSA max election (per year) (incl. LTD FSA) | $2,750 | $2,850 |
Healthcare FSA max rollover | $550 | $570 |
Dependent Care FSA max election (per year) (Single or Married Filing Jointly) | $5,000 | $5,000* |
Dependent Care FSA max election (per year) (Married Filing Separately) | $2,500 | $2,500* |
Transportation Benefits | ||
Parking Account | $270/mo | $280/mo |
Transit Account | $270/mo | $280/mo |
High Deductible Health Plan Requirements to Contribute to an HSA | ||
HDHP min annual deductible - Self-only | $1,400 | $1,400 |
HDHP min annual deductible - Family | $2,800 | $2,800 |
HDHP out-of-pocket max - Self-only | $7,000 | $7,050 |
HDHP out-of-pocket max - Family | $14,000 | $14,100 |
HSA max contribution limit - Self-only | $3,600 | $3,650 |
HSA max contribution limit - Family | $7,200 | $7,300 |
HSA catch up contribution limit (age 55) | $1,000 | $1,000 |
ACA Plan Limits | ||
Maximum Out-of-Pocket (Self-only or Individual in a Family) | $8,550 | $8,700 |
Maximum Out-of-Pocket (Family) | $17,100 | $17,400 |
Salary Thresholds for Non-discrimination Testing | ||
Highly compensated employees | $130,000 | $135,000 |
Key employees | $185,000 | $200,000 |
Retirement Plans (401(k), 403(b)) | ||
Max employee elective contributions for those 49 and younger | $19,500 | $20,500 |
Max employer + employee contributions for those 49 and younger | $58,000 | $61,000 |
Max employee catch-up contributions for those 50+ | $6,500 | $6,500 |
Max employee elective contribution plus catch-up for those 50+ | $26,000 | $27,000 |
Max employer + employee contributions for those 50+ | $64,500 | $67,500 |
*As of the time of drafting this blog, the dependent care limits for 2022 reverted to the pre-ARPA levels
Lake Effect is here to answer your questions about benefits administration and how best to structure your benefits plans to be a leading employer. We continue to monitor important legal and HR developments, as well as COVID-related updates from federal, state, and local authorities. Please watch our blogs and emails for these important updates, as well as discussions of how compliance meets culture. To dive into these issues, contact us at info@le-hrlaw.com or 1-844-333-5253.