IRS ANNOUNCES ADJUSTMENTS FOR 2020
Today, November 6, 2019, the IRS released a statement announcing the Health Flexible Spending Account (FSA) and Qualified Parking and Transportation Account election limits for any plan years beginning in 2020.
Beginning on January 1, 2020,
the maximum employee election amounts for
FSAs and Commuter Benefits are as follows:
This comes as a follow-up to the announcement of increased limits for Health Savings Account (HSA) contributions for 2020 announced earlier this year.
The inflation-adjusted HDHP and HSA contribution limits for 2020 are as follows:
Most, but not all, plans automatically allow for the maximum contribution limit. If your plan specifies a limit less than the maximum, it will remain unchanged.