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IRS Update: 2020 Contribution Limits

On November 7, 2019, the IRS released the 2020 FSA, Commuter, and QSEHRA maximum contribution limits. 2020 HSA limits were released in May. See below for all 2020 maximum contribution amounts, with changes bolded:

Contribution Limits 2019 2020
Health Care Flexible Spending Accounts (FSA) $2,700 $2,750
Limited Purpose FSAs $2,700 $2,750
Dependent Care FSAs Married, filing joint return, or single: $5,000
Married and filing separately: $2,500 per parent
Married, filing joint return, or single: $5,000
Married and filing separately: $2,500 per parent
Commuter Benefits: Parking $265 $270
Commuter Benefits: Transit $265 $270
Qualified Small Employer Health Reimbursement Arrangement (QSEHRA)

Self-only: $5,050
Family: $10,250

Self-only: $5,250
Family: $10,600
Health Savings Accounts (HSA) Self-only: $3,450
Family: $6,900*
Self-only: $3,550
Family: $7,100

HSA catch-up contributions (age 55 or older)

$1,000

$1,000

HDHP minimum deductibles

Self-only: $1,350
Family: $2,700
Self-only: $1,400
Family: $2,800

HDHP maximum out-of-pocket amounts (deductibles, co-payments and other amounts, but not premiums)

Self-only: $6,650
Family: $13,300
Self-only: $6,900
Family: $13,800

Learn more about these Surency Flex products by clicking here.

Click here for the IRS Release - Rev. Proc. 2019-44.

 

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