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
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Minimum deductible
- Single coverage: $1,400 (up $50 from 2019)
- Family coverage: $2,800 (up $100 from 2019)
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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.