Employee Benefits Compliance

2020 Limits to Know

Many benefit plan limits have changed for the new calendar year (2020). Here’s a summary of what to expect:

401(K) Limits

  • 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 limits, contact your Leavitt Group insurance adviser.

Click here to download a printable PDF of this summary.

 

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