With mornings getting slightly chillier, and open enrollment knocking on our doorsteps, we know that the upcoming year's FSA contribution limits are coming! But before that, we turn to Mercer -- the world's largest HR consulting firm -- to make their annual benefits predictions for the coming year.
Well, the day has arrived. Mercer announced the projected 2020 limits for flexible spending accounts (FSAs), along with info on qualified transportation benefits, and Archer medical savings accounts (MSAs). Though these are projected totals, the limits are determined using the Internal Revenue Code's cost-of-living adjustment standard, along with other parameters.
As anticipated, the FSA contribution limit is expected to rise an additional $50, bringing the total annual limit to $2,750. The total is hardly surprising, as we've become accustomed to these incremental boosts, year over year. Of course, we'll still wait for the IRS to make its official announcement, but historically these projections hold true.