Health Savings Account
IRS Announces 2020 Adjustments for Qualified HDHPs and HSA Contributions
The Internal Revenue Service (IRS) has released the 2020 inflation-adjusted amounts for Health Savings Accounts (HSAs). Contribution limits, minimum deductibles, and the maximum for out-of-pocket expenses all go up next calendar year.
|Individual contribution limit||$3,500||$3,550|
|Family contribution limit||$7,000||$7,100|
In 2020, the HSA contribution limit for an individual will increase by $50 to $3,550 and for a family by $100 to $7,100.
In addition, the 2020 High Deductible Health Plan deductible amounts and out-of-pocket expense limits were also announced. To be eligible to contribute to an HSA in 2020, one must be enrolled in a high deductible health plan that meets the following requirements:
|Minimum annual deductible||$1,350||$1,400|
|Maximum annual out-of-pocket||$6,750||$6,900|
|Minimum annual deductible||$2,700||$2,800|
|Maximum annual out-of-pocket||$13,500||$13,800|