2020 Benefit Plan Limits

Many benefit plan limits have changed for the new calendar year. The limits for 2020 are below:

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 about these benefit plan limits for 2020, or to get started with a benefits package, Contact Faison Group today!