Contributions and Tax Information
Health FSA contributions are limited by the IRS with possible annual inflation increases. For 2018, the limit is $2,650. For 2019, the limit is $2,700. The limit is per person; i.e., in 2019, a husband may contribute up to $2,700 to his employer's Healthcare FSA and a wife may each contribute up to $2,700 to her employer's Healthcare FSA. Employers may elect a lower limit as part of their Healthcare FSA plan design. You should check with your Human Resources office for the specifics of your plan. The IRS contribution limit will be adjusted annually to account for inflation increases.
No, this is not allowed.
The IRS regulates Flexible Spending Accounts under IRS Code Section 125. According to the IRS guidelines, funds that are not claimed during the plan year must be forfeited. This is called the "use it or lose it" rule. Funds are not transferable from one plan year to another and they are not available for other benefits. Your employer may offer a grace period. You should check with your Human Resources office for the specifics of your plan. The unused funds are retained by the plan sponsor, your employer, and may be used to offset administrative costs of the plan.
No information related to an individual Healthcare FSA is reported to the IRS. Your employer, may be required to file an IRS form 5500 which includes FSA participation and total disbursement information for the plan (Form 5500 does not include individual FSA information).