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2012 Commuter Limits Announced
Beginning January 1, 2012, the monthly pre-tax contribution limit for transit expenses is being decreased from $230/month to $125.00/month while the monthly pre-tax parking limit is being increased from $230.00/month to $240.00/month. The Federal Stimulus package, known as ARRA, which allowed a monthly pre-tax maximum of $230.00/month for the transit benefit will expire on December 31, 2011.
Prescriptions required for reimbursement of OTC drugs & medicines
As you may know, the health care reform bills (Patient Protection and Affordable Care Act) were signed into law in March, 2010. Due to this legislation, over-the-counter (OTC) drugs and medicines require a written prescription from your doctor in order to get reimbursed through a Flexible Spending Account (FSA). To understand how you can use an FSA for OTC items, click on the link below.
Dependent Age Limit Increases to Age 26 for Health Coverage
Due to the Affordable Care Act, employers now have the option to extend Healthcare FSA coverage for an employees’ “adult” child to age 26 without being claimed as a tax-dependent. To learn how this change may impact you, click on the link below.Legislative Update – Dependent Coverage
Tuition Assistance Tax Break Extended Through 2012
The House approved a two-year extension of Section 127 of the U.S. tax code, employer-provided tuition assistance, which allows an employee to exclude from income up to $5,250 a year in employer-provided tuition assistance for undergraduate and graduate-level courses. This tax break was set to expire on December 31, 2010. The president is expected to sign the tax deal into law before the holidays.
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