An upcoming $2,500 limit on the contribution amount for medical flexible spending accounts likely won't impact many Americans, according to a survey conducted by the American Payroll Association.
Only 12 percent of employees contribute $2,500 or more to their company's FSA; 39 percent say they contribute less than $2,500; and 46 percent don't participate in an FSA at all.
The statistics are somewhat surprising considering workers on average paid nearly $4,000 toward the cost of family health coverage in 2010, according to reports from the Kaiser Family Foundation and the Health Research & Educational Trust.
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"While health care costs are a big concern for employees and their families, the survey results clearly show they aren't taking full advantage of FSA plans," says Dan Maddux, executive director of the American Payroll Association. "Employers should encourage employees to take advantage of these and other pre-tax, voluntary payroll deductions to ease the burden of these anticipated expenses."
The "Getting Paid In America" survey coincides with APA's annual public awareness campaign, National Payroll Week, held annually during the week of Labor Day. More than 29,000 employees responded to the survey, providing insight into how employees are paid in America.
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