Resources

Client Alerts, News Articles, Blog Posts, & Multimedia

Everything you need to know about BMD and the industry.

CLIENT ALERT: IRS Announces 401(k) and HSA Contribution Limits for 2020

Client Alert
November 6, 2019

With 2020 just around the corner, the IRS announced important information for the upcoming year for both 401(k) Contributions and Health Saving Accounts (HSAs).

401(k) Contribution limits for 2020

Employee 401(k) contributions for 2020 will increase by $500 to $19,500, while the total for employer plus employee contribution limit increases by $1,000 to $57,000.

For participants ages 50 and over, the "catch-up" contribution limit will rise to $6,500, up by $500.

HSA Contribution limits for 2020

The annual limit on deductible contributions is $3,550 for individuals with self-only coverage under an HDHP (a $50 increase from 2019) and $7,100 for family coverage (a $100 increase from 2019).

The limits on annual deductibles are also subject to annual inflation adjustments. For 2020, the lower limit on the annual deductible for an HDHP is $1,400 for self-only coverage and $2,800 for family coverage, both increased from 2019. The upper limit for out-of-pocket expenses is $6,900 for self-only coverage and $13,800 for family coverage, both increased from 2019

The new limits will take effect January 1, 2020, HR and payroll managers should plan to adjust their systems for the new year and inform employees about the new limits - especially for those with a year-end open enrollment.

For questions about your 401(k) Plan or Health Savings Accounts, the recent changes to IRS Contribution Limits, or any other Tax questions, please contact Priscilla A. Grant, Esq.

 

 

401(k)HSAIRSPriscilla Grant
Client Alert

USCIS Policy Updates: Implications for Business Immigration

August 20, 2025In August 2025, USCIS issued three key policy updates enhancing vetting, good moral character (GMC) evaluations, and scrutiny of "anti-American" conduct in immigration adjudications. These policy memos will impact employers sponsoring foreign workers, including H-1B, L-1, EB visas, adjustments, and naturalization.Client Alert

Ohio Passes Antidiscrimination Provision for CRNA Reimbursement

August 14, 2025Ohio has passed House Bill 96, introducing a provider nondiscrimination provision that requires health plans to reimburse certified registered nurse anesthetists (CRNAs) at the same rate as physicians for the same services. The law aims to improve patient access to care by eliminating payment discrimination against CRNAs and will take effect on September 30, 2025.Client Alert

Ohio Board of Pharmacy | Administrative Code Rule Changes

July 16, 2025The Ohio Board of Pharmacy (“BOP”) recently posted notices of Ohio Administrative Code rule changes related to record keeping and the sale and distribution of certain ephedrine-containing products.Client Alert

A Shift in Coverage: HHS Reinterprets “Federal Public Benefit” Under PRWORA

July 16, 2025The U.S. Department of Health and Human Services rescinded a 1998 interpretation of “federal public benefit” used in the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA) on July 10, 2025. This notice removes "outdating exclusions" and includes additional programs under “federal public benefit."Client Alert

Supreme Court Upholds Coverage under the Affordable Care Act

July 10, 2025The U.S. Supreme Court has upheld the authority of the U.S. Preventive Services Task Force under the ACA, ensuring continued no-cost coverage for over 100 preventive health services. The decision impacts millions of Americans and preserves provider reimbursement through insurance.
Older posts