IRS raises 2017 contribution limits for Medical Spending Accounts (MSAs)
By Megan Joyner, MEGANF@mailbox.sc.edu
Employees enrolled in an MSA will be able to contribute more pretax income to their Medical Spending Accounts in 2017 following a contribution limit increase announced by the Internal Revenue Service on October 25. The limit is rising to $2,600, a $50 increase from the limit set for 2016.
If you participate in a MoneyPlus MSA, you will have until November 15, 2016, the extended open enrollment deadline, to enroll and set your contribution amount. If you have already enrolled for 2017, you will be able to revise your contribution amount through November 15, 2016, if desired. Employees may make their revisions using www.myFBMC.com,or they may stop by the Benefits Office, located at 1600 Hampton Street, Suite 801.
For help making any changes to your 2017 benefits before the November 15 deadline, please contact the Benefits Office at 803-777-6650.
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