IRS Announces Benefit Plan Limits for 2020

The Internal Revenue System (IRS) recently announced the 2020 dollar limits for employee benefits including: High Deductible Health Plans (HDHPS), Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), Transportation Benefits, and Adoption Assistance. As cost of living expenses continue to rise due to inflation, the IRS annually adjusts contribution limits …

ACA Affordability Percentages Will Decrease for 2020

On July 23, 2019, the IRS issued Revenue Procedure 2019-29 to index the contribution percentages in 2020 for determining affordability of an employer’s plan under the Affordable Care Act (ACA). For plan years beginning in 2020, employer-sponsored coverage will be considered affordable if the employee’s required contribution for self-only coverage …