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.
