Written by
Leah Rubin
Leah is a product marketer on the BerniePortal team focusing primarily on healthcare, benefits, HR technology and more.
Slightly increased contribution limits for 2020. Here's a breakdown of what you need to know.
- HSA Contribution Limits -
$50 increase for individuals and $100 increase in family contribution cap. Additionally, the maximum annual out-of-pocket for individuals rises to $150 and families to $300. The catch-up contribution limit remains the same at $1,000. Learn more about Health Savings Accounts.
| 2020 | 2019 | |
|
Individual Contribution Limit |
$3,550 | $3,500 |
| Family Contribution Limit | $7,100 | $7,000 |
| Catch-up Contribution Limit (for those over age of 55) | $1,000 | $1,000 |
| Max Individual out-of-pocket | $6,900 | $6,750 |
| Max Family out-of-pocket | $13,800 | $13,500 |
2. FSA Contribution Limits -
$50 increase in FSA contribution caps, in addition to the $500 maximum employer contribution, if offered. Dependent Care FSA annual maximums remains the same.
| 2020 | 2019 | |
| Contribution Max | $2,750 | $2,700 |
| Dependent Care FSA Max (for individuals or married couples filing jointly) | $5,000 | $5,000 |
| Dependent Care FSA Max (for married persons filing separately) | $2,500 | $2,500 |
3. Commuter Benefit Limits -
Total increase of $60 per year in transit and parking commuter pre-tax benefits.
| 2020 | 2019 | |
| Transit passes and services (monthly contribution) | $270 | $265 |
| Qualified parking (monthly contribution) | $270 | $265 |
All-in-one HR and benefits administration platform, BerniePortal manages all of your HR needs in one convenient location. See how BerniePortal revolutionizes the way you manage the employee lifecycle - from benefits to offboarding, and everything in between.
BerniePortal's sister entity, Alpine, is a technology-enhanced TPA focused on providing streamlined benefits and COBRA administration to today's small and mid-sized businesses. Launched in July 2019, and fully integrated (at no cost) with BerniePortal, Alpine makes using pre-tax dollars easier than ever.
Ready to begin offering FSAs, HSAs, Commuter Benefits or COBRA for the first time, or looking to transition to a new administrator? Visit www.alpinetpa.com to learn more.
Written by
Leah Rubin
Leah is a product marketer on the BerniePortal team focusing primarily on healthcare, benefits, HR technology and more.
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