The IRS has
released the 2014 inflation-adjusted maximums for certain employee
welfare benefit plans and the dollar amounts used for certain
definition of "highly compensated employee", which is used
in several welfare plan discrimination tests, the threshold remains
at $115,000 when determinations are based on compensation from the
long-term care premiums that are treated as medical care expenses
cannot exceed: $370 for individuals age 40 or less; $700 for ages 41
to 50; $1,400 for ages 51 to 60; $3,720 for ages 61 to 70 and $4,660
for those over age 70.
The 2014 limit on
contributions to health savings accounts ("HSAs") increases
to $3,300 for a self-only HSA and $6,550 for a family HSA. For 2014,
a high deductible health plan ("HDHP") plan must have a
minimum deductible of $1,250 for self-only coverage, and $2,500 for
family coverage. The maximum out-of-pocket amount for an HDHP
(including deductibles, co-payments and other amounts, not including
premiums) cannot exceed $6,350 for self-only coverage and $12,700 for
pre-tax employee contributions to health care flexible spending
account plans are limited to $2,500 per year as of the first day of
the first plan year beginning on or after January 1, 2014.
assistance plans, the maximum amount that can be excluded from an
employee's gross income for adoption expenses is $13,190.
In 2014, the
monthly limit on non-taxable qualified parking expense reimbursements
will be $250. The monthly limit on non-taxable qualified
transportation expense reimbursements will be $130.
tax-exempt benefit from a dependent care assistance plan remains at
$5,000, as this amount is not indexed to inflation.