May 29, 2019

The IRS just announced the annual Health Savings Account (HSA) contribution limits for 2020. The following increases are effective January 1, 2020:

Contribution Limits 

Individuals with single HDHP coverage will see a $50 increase in the annual contribution limit, bringing the maximum limit to $3,550 for 2020. Families with family HDHP coverage will see a $100 increase in the annual contribution limit, bringing the maximum limit to $7,100 for 2020.

Annual HDHP Minimum Deductible 

The minimum deductible imposed for a qualifying high-deductible plan for 2020 is $1,400 for single coverage and $2,800 for family coverage.

Out-of-Pocket Maximums 

Annual out-of-pocket expenses will also increase in 2020, with a new maximum limit of $6,900 for single coverage and $13,800 for family coverage.