The IRS recently announced the following inflation-adjusted limits for 2023 for certain health and welfare plans:
- Health flexible spending account limit: increased to $3,050.
- Qualified transportation fringe benefit monthly limits for parking and transit: each increased to $300.
- Adoption assistance program limit: increased to $15,950.
- Qualified Small Employer Health Reimbursement Arrangement limit: increased to $5,850 for individual coverage and $11,800 for family coverage.
The above and other 2023 plan limits are available in Rev. Proc. 2022-38 here.