Many important benefit plan limits have changed for the new calendar year. Although some of the limits will remain the same, most of the limits will increase for 2020.
Here’s The Changes You Should Know:
- Pre-tax contributions: $19,500 (up $500 from 2019)
- Catch-up contributions: $6,500 (up $500 from 2019)
Health Savings Account (HSA) Limits
- Pre-tax contributions:
- Single coverage: $3,550 (up $50 from 2019)
- Family coverage: $7,100 (up $100 from 2019)
- Catch-up contributions: $1,000 (no change from 2019)
High Deductible Health Plan (HDHP) Limits
- HDHP minimum deductible
- Single coverage: $1,400 (up $50 from 2019)
- Family coverage: $2,800 (up $100 from 2019)
- HDHP maximum out-of-pocket costs
- Single coverage: $6,900 (up $150 from 2019)
- Family coverage: $13,800 (up $300 from 2019)
Flexible Spending Account (FSA) Limits
- Contributions: $2,750 (up $50 from 2019)
For more information on any of these benefit plan limits, please contact Brown & Brown Gulf States today.
This content is strictly informational and should not be used as specific advice on insurance products, legal, accounting, and/or tax related matters. Insureds should always contact the appropriate licensed professional for their insurance, legal, accounting, or tax needs.
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