2020 Limits to Know

Many benefit plan limits have changed for the new calendar year. Here’s what those changes are:

Flexible Spending Accounts (FSA) Limits

  • Contributions: $2,750 (up $50 from 2019)
  • Employer may contribute greater of $500 or 100% match.

Commuter Benefits

  • Mass-Transit & Vanpool – $270 per month (up $5 from 2019)
  • Parking – $270 per month (up $5 from 2019)

Health Savings Account (HSA) Limits

Pre-tax contributions (all sources)

  • Single coverage: $3,550 (up $50 from 2019)
  • Family coverage: $7,100 (up $100 from 2019)

Catch-up Contributions (age 55 by 12/31/2020) $1,000 (no change)

High Deductible Health Plan (HDHP) Limits

  • Minimum deductible

    • Single coverage: $1,400 (up $50 from 2019)
    • Family coverage: $2,800 (up $100 from 2019)
  • Maximum Out-of-Pocket Costs

    • Single Coverage: $6,900 (up $150 from 2019)
    • Family Coverage: $13,800 (up $300 from 2019)

For more information on any of these limits, please contact gente today.