Plan for 2020 Flexible Spending Arrangements (FSAs)
Nov 20 2019 - Benefits - HRWatchdog
Now is the time for your employees to start planning on taking full advantage of their employer’s health flexible spending arrangement (FSA) during 2020. Employees may contribute up to $2,750 during the 2020 plan year, which is a $50 increase over 2019. Employees who want to contribute to an FSA must make that choice for 2020, even if they contributed in 2019. Self-employed individuals are not eligible.
FSAs allow employees to use tax-free dollars to pay medical expenses not covered by other health plans. Eligible employees need to decide how much to contribute through payroll deductions before the plan year begins, so many employers are offering their employees the option to sign up now for participation next year. Read More