Limited Purpose Flexible Spending Account 2024. 2 check with your employer to see if they offer grace period — up to 2.5 months — or allow you to roll over unused funds up to a. Individuals can set aside $3,200 in an lpfsa in.
That limited purpose is paying for qualified dental and vision expenses. The irs has increased the flexible spending account (fsa) contribution limits for the health care flexible spending account (hcfsa) and the limited expense.
These Fsas Are Designed Specifically For Expenses Related To Dental And Vision Care.
For 2024, there is a $150 increase to the contribution limit for these accounts.
Limited Purpose Fsas Are Aptly Named — They Are Fsas That Can Only Be Used For A Limited Purpose.
If you contribute $2,500 to it for the year, your taxable income drops to $97,500.
Review All Claims And Provide Any Required Substantiation By December 31 Each Year.
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For 2023 Benefit Period, You Must Submit All Reimbursement Requests By March 31, 2024.
Contribution limits are adjusted annually by the internal revenue service (irs) for inflation and are capped.
Some Expenses Eligible For Reimbursement Through A Limited Purpose Fsa.
2 check with your employer to see if they offer grace period — up to 2.5 months — or allow you to roll over unused funds up to a.
These Fsas Are Designed Specifically For Expenses Related To Dental And Vision Care.