Important 2020 FSA, HSA, and 403(b) Contribution Limit Changes
- Flexible Spending Accounts (FSA): The 2020 medical FSA annual contribution limit is increasing to $2,750. The dependent care contribution limit will remain at $5,000.
- Commuter Transit & Parking: The 2020 Commuter Transit and Parking monthly contribution limits are increasing to $270.
- 403(b): The 2020 Retirement Savings Plan maximum annual contribution is increasing to $19,500. The maximum for age 50 and older (or anyone turning 50 during 2020) is increasing to $26,000.
- Health Savings Accounts (HSA): The 2020 HSA annual contribution limits including employer contributions are increasing to $3,550 for a single person and $7,100 for a family of two or more. There is an additional catch-up allowance of $1,000 for people age 55 and older (or anyone turning 55 during 2020).
For more information, contact Blythe Josovitz, Benefits Manager / 203-254-4000 x.2995 / email@example.com