The Retirement Financial Center

Philippe E. Berthoud
10 Liberty Street
Danvers, MA 01923
978-777-5000
peberthoud@unitedplanners.com
www.retirementctr.com

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July 27, 2020

2020 Key Numbers
 

Protection Planning

Eligible long-term care premium deduction limits:

LTC premium deduction limits20232024
Age 40 or under$480$470
Age 41-50$890$880
Age 51-60$1,790$1,760
Age 61-70$4,770$4,710
Over age 70$5,960$5,880

Per diem limit:

LTC periodic payments20232024
Periodic payments for qualified long-term care insurance/certain life insurance$420$410

Archer Medical Savings Accounts

High deductible health plan--self-only coverage20232024
Annual deductible--minimum$2,650$2,800
Annual deductible--maximum$3,950$4,150
Annual out-of-pocket expenses required to be paid (other than for premiums) can't exceed$5,300$5,550
High deductible health plan--family coverage20232024
Annual deductible--minimum$5,300$5,550
Annual deductible--maximum$7,900$8,350
Annual out-of-pocket expenses required to be paid (other than for premiums) can't exceed$9,650 $10,200

Flexible spending account (FSA) for health care

Health care FSAs20232024
Maximum salary reduction contribution$3,050 $3,200

Health Savings Accounts (HSAs)

Annual contribution limit20232024
Self-only coverage$3,850 $4,150
Family coverage$7,750 $8,300
High deductible health plan--self-only coverage20232024
Annual deductible--minimum$1,500 $1,600
Annual out-of-pocket expenses required to be paid (other than for premiums) can't exceed$7,500 $8,050
High deductible health plan--family coverage20232024
Annual deductible--minimum$3,000 $3,200
Annual out-of-pocket expenses required to be paid (other than for premiums) can't exceed$15,000 $16,100
Catch-up contributions20232024
Annual catch-up contribution limit for individuals age 55 or older$1,000 $1,000
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IMPORTANT DISCLOSURES

Philippe E Berthoud and William E. Riquier offer Securities and Advisory Services through United Planners Financial Services, Member FINRA/SIPC. United Planners and The Retirement Financial Center are independent companies.

Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, legal, or retirement advice or recommendations. The information presented here is not specific to any individual's personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.



This communication is strictly intended for individuals residing in the state(s) of AZ, CA, CO, CT, FL, GA, ME, MD, MA, MT, NV, NH, NJ, NY, VA and WA. No offers may be made or accepted from any resident outside the specific states referenced.

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