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Employee Benefit Plan Limits for 2020

employee benefit plan limits

1 minute read

The IRS recently announced cost-of-living adjustments to the annual dollar limits for employee benefit plans. Although some limits will stay the same, most of the limits will increase for 2020.

The bulletin states that the following employee benefits’ annual limits will increase for 2020:

  • High deductible health plans (HDHPs) and health savings accounts (HSAs)
  • Health flexible spending accounts (FSAs)
  • Transportation fringe benefit plans
  • 401(k) plans

Employers should update their benefit plan designs and communicate the new limits to their employees.

Is a High Deductible Plan with an HSA Right for Your Organization?

National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.

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Aaron Casper

Aaron Casper

Aaron A. Casper, Employee Benefits Consultant at NIS (National Insurance Services), understands the unique way governmental organizations operate, manage risk and develop budgets; hence, he delivers reliable solutions for his clients without short cuts or temporary fixes. Aaron advocates for his clients and prides himself on building authentic relationships, even passing up potential short-term opportunities if it doesn’t make long-term sense for his clients. His straightforward nature, integrity and astute sense of humor are why his customers consider him a valued strategic resource. Aaron Casper is a licensed insurance agent. He specializes in health insurance consulting for Minnesota schools, cities and counties including fully insured, self-insured, and stop-loss plans. Additionally, he has experience implementing OPEB liability reduction strategies as well as ensuring his clients are ACA compliant.