Written by
Leah Rubin
Leah is a product marketer on the BerniePortal team focusing primarily on healthcare, benefits, HR technology and more.
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.
| 2020 | 2019 | |
|
Individual Contribution Limit |
$3,550 | $3,500 |
| 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.
| 2020 | 2019 | |
| Contribution Max | $2,750 | $2,700 |
| 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.
| 2020 | 2019 | |
| Transit passes and services (monthly contribution) | $270 | $265 |
| Qualified parking (monthly contribution) | $270 | $265 |
Bernard Benefits advisors are experts in helping employers of all sizes evaluate their benefits plan options to create better, more transparent and comprehensive offerings for employees.
Written by
Leah Rubin
Leah is a product marketer on the BerniePortal team focusing primarily on healthcare, benefits, HR technology and more.
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