2020 HSA Contribution Limits Released by the IRS

May 28, 2019

The IRS has announced 2020 HSA contribution limits as part of the release of Revenue Procedure 2019-25. The limits are:

 HSA

 2019

 2020

 Self-only contribution limit

 $3,500

 $3,550

 Family contribution limit

 $7,000

 $7,100

 

The contribution limits for HSAs in 2020 will increase to $3,550 for single (an increase of $50) and $7,100 for family (an increase of $100).

2020 High-Deductible Health Plan (HDHP) deductible amounts and expense limits were also announced:

 HDHP (self-only coverage)

 2019

 2020

 Annual deductible not less than:

 $1,350

 $1,400

 Annual out-of-pocket expenses don’t exceed:

 $6,750

 $6,900

 

 HDHP (family coverage)

 2019

 2020

 Annual deductible not less than:

 $2,700

 $2,800

 Annual out-of-pocket expenses don’t exceed:

 $13,500

 $13,800

 

For your employees to be eligible to participate in a Health Savings Account, they must be enrolled in an HDHP.

Are you interested in learning more about transitioning your employees to these popular plans? Complete the form below to download our eBook and see how to get started! 

Never miss out on important news