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.

HSA 2019 2020
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:

HDHP (individual) 2019 2020
Minimum annual deductible $1,350 $1,400
Maximum annual out-of-pocket $6,750 $6,900

 

HDHP (family) 2019 2020
Minimum annual deductible $2,700 $2,800
Maximum annual out-of-pocket $13,500 $13,800
2020 Open EnrollmentOCA's Open Enrollment Toolkit

Open enrollment is right around the corner and OCA is here to help make the renewal process seamless! OCA's open enrollment toolkit helps clients access the tools and resources needed to make their renewal quick and easy!

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