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HSA

 

The HSA is an individual Health Savings Account that is owned by the employee and may be used for the payment of medical expenses that are not covered by a qualified High Deductible Health Plan (HDHP), including expenses that go toward satisfying the deductible. This maximum is inclusive of employer and employee contributions.

 

2020

Individual: $3,550

Family: $7,100

Catchup: $1,000

 

 

2021

Individual: $3,600

Family: $7,200

Catchup: $1,000

 

 

 

FSA

 

A Health or Dependent Care Flexible Spending Account (FSA) allows participating employees to reduce their earnings on a pre-tax basis to pay for certain qualified expenses. Salary reductions provide significant tax savings to both the employee and the employer.

 

2020

Health FSA: $2,750

Dependent Care FSA: $5,000

 

 

2021

Health FSA: $2,750

Dependent Care FSA: $5,000

 

 

 

Transit

 

The Transit Plan allows employees to set money aside on a pre-tax basis for mass transit expenses. Employees get to use tax-free money for their commuting expenses when traveling to and from work.

 

2020: $270 per month

2021: $270 per month

 

 

 

Parking 

 

The Parking Plan allows employees to set money aside on a pre-tax basis for work-related parking expenses. Employees get to use tax-free money for parking at or near an office location or mass transit hub.

 

2020: $270 per month

2021: $270 per month

 

 

 

Tuition Reibursement

 

With a Tuition Reimbursement Plan, the IRS allows employees to generally exclude from income amounts received from an employer-sponsored tuition assistance or educational assistance program (EAP) used to fund employee education-related expenses, subject to the maximum limitation stated below.

 

2020: $5,250

2021: $5,250