The IRS released the 2020 adjusted annual limits for Health Savings Accounts (HSA) and affiliated High Deductible Health Plans (HDHP).
Annual HSA contribution limits
• $3,550 for an individual with self-only coverage under a HDHP ($50 increase)
• $7,100 for an individual with family coverage under a HDHP ($100 increase)
Annual deductible no less than:
• $1,400 for self-only coverage ($50 increase)
• $2,800 for family coverage ($100 increase)
Annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) not more than:
• $6,900 for self-only coverage ($150 increase)
• $13,800 for family coverage ($300 increase)
Our bulletin below contains additional information about the new limits and action steps to prepare for these changes in 2020.
If you have questions or need help, please contact one of our benefits consultants.