Federal law sets annual limits on various tax‐preferred employee benefit plans. The following chart compares the 2020 and 2019 limits for the most common types of plans and benefits.

Health Savings Accounts (HSA)2020 Self Only Limits2020 Family Limits2019 Self Only Limits2019 Family Limits
HSA Maximum Contribution$3,550$7,100$3,500$7,000
HSA Maximum “Catch-up” Contribution (individuals age 55 or older)$1,000$1,000$1,000$1,000
HDHP Minimum Deductible$1,400$2,800$1,350$2,700
HDHP Maximum Out-of-Pocket Expense$6,950$13,800$6,750$13,500

Benefit2020 Limits2019 Limits
Social Security OASDI$137,700$132,900
Medicare (Part A, hospitalization)UnlimitedUnlimited
Health FSA Maximum Contribution (per plan year)$2,750$2,700
Parking$270/month$265/month
Transit Pass/Commuter Vehicle$270/month$265/month
Maximum Salary Deferral (401(k)/403(b)/457)$19,500$19,000
Maximum “Catch-Up” Salary Deferral (age 50 or older)$6,500$6,000
Compensation Limit (401(a))$285,000$280,000
Maximum Defined Benefit Limit$230,000$225,000
Defined Contribution Annual Additions Limit (415)$57,000$56,000
Defined Contribution Annual Additions Limit (415) If age 50 or older$63,500$62,000
“Key Employee” Compensation Limit$185,000$180,000
“Highly Compensated Employee” Limit$130,000$125,000

 

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EPIC offers this material for general information only. EPIC does not intend this material to be, nor may any person receiving this information construe or rely on this material as, tax or legal advice. The matters addressed in this document and any related discussions or correspondence should be reviewed and discussed with legal counsel prior to acting or relying on these materials.

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