by WEX Benefits
This week, the IRS released contribution limits for 2020 as part of Revenue Procedure 2019-44. These include QSEHRA limits, Medical FSA contribution limits, and Commuter Benefits contribution limits.
For 2020, the total amount of payments and reimbursements for QSEHRAs is $5,250 for individual and $10,600 for family. The 2020 maximum employee contribution limit for a Medical FSA is $2,750. Additionally, $270 per month is the maximum amount that can be contributed for Commuter Benefits, including mass transit and parking.
• $5,250 for Individual (Self-Only) Coverage – up $100 from 2019
• $10,600 for Family Coverage – up $150 from 2019
• $2,750 – up $50 from 2019
• $270 per month for mass transit and parking – up $5 from 2019
Health Savings Account (HSA) limits were previously announced by the IRS. The limit is $3,550 for an individual and $7,100 for family. See this post for more information.