In 2014, the Affordable Care Act (ACA) began the Individual Mandate in which all individuals are required to obtain minimum essential health insurance coverage for themselves and their family members or pay a penalty. The penalty amount is calculated and paid when an individual files his or her federal income tax return for the year.
The IRS announced in Revenue Procedure 2014-61 issued October 30, 2014, the inflation-adjusted contribution limit for health flexible spending accounts (FSAs) will go up by $50 for the 2015 tax year. The maximum contribution employees will be able to make to their health flexible spending accounts will increase $50 to $2,550 in 2015. That $50