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

Client Alert

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.

 

 


Patient Abandonment and Termination

Healthcare professionals have a responsibility to patients with whom they have established a treatment relationship. However, there may be some instances when they will need to terminate their relationship with a patient. FAQs for patient abandonment and termination are provided to help guide physicians.

A Business or Person Who Owes You Money Has Filed for Bankruptcy. Now What?

When you receive a notice that someone you do business with has filed for bankruptcy, it is important to act quickly to determine your rights in the bankruptcy process and to protect them. Here are seven things to do right away.

Recent Litigation Challenges the Affordable Care Act Preventive Services Requirement

The Affordable Care Act (ACA) has been met with numerous legal challenges. The most recent legal challenge, Braidwood Management Inc. v. Becerra, could affect millions of people covered by private health insurance.

340C – Prospective Legislation to Protect Federally Qualified Health Centers

Advocates for Community Health (ACH), an organization created to implement policy and advocacy initiatives for health care systems across the United States, has begun drafting legislation that is geared towards protecting Federally Qualified Health Centers (“FQHCs”) enrolled in the 340B Program, which is being dubbed “340C.”

Getting Paid to Vote

Can you get paid to vote? Election Day is upon us and employees across the country are asking whether they can get paid to vote. Essentially, can they take paid leave of a few hours to go to the polling location to cast their vote in a midterm election or presidential election. Well, it depends on the state where the employee works.