HSA, FSA, Commuter Benefit limit changes in 2020
Slightly increased contribution limits for 2020. Here's a breakdown of what you and your employees need to know.
1. HSA Contribution Limits -
$50 increase for individuals and $100 increase in family contribution cap. Additionally, the maximum annual out-of-pocket for individuals rises to $150 and families to $300. The catch-up contribution limit remains the same at $1,000.
Individual Contribution Limit
|Family Contribution Limit||$7,100||$7,000|
|Catch-up Contribution Limit (for those over age of 55)||$1,000||$1,000|
|Max Individual out-of-pocket||$6,900||$6,750|
|Max Family out-of-pocket||$13,800||$13,500|
2. FSA Contribution Limits -
$50 increase in FSA contribution caps, in addition to the $500 maximum employer contribution, if offered. Dependent Care FSA annual maximums remains the same.
|Dependent Care FSA Max (for individuals or married couples filing jointly)||$5,000||$5,000|
|Dependent Care FSA Max (for married persons filing separately)||$2,500||$2,500|
3. Commuter Benefit Limits -
Total increase of $60 per year in transit and parking commuter pre-tax benefits.
|Transit passes and services (monthly contribution)||$270||$265|
|Qualified parking (monthly contribution)||$270||$265|
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