2020 HSA Contribution Limits
On May 28, 2019, the IRS released Revenue Procedure 2019-25 to announce the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2020
HSA owners can make tax-free contributions to their accounts. In 2020, the updated HSA contribution limits are:
- $3,550 for individuals, a $50 increase from 2019
- $7,100 for families, a $100 increase from 2019
HSA Catch Up Contributions
The 2020 catch up contributions remain the same at $1,000 over the annual limit. HSA owners aged 55 and older may contribute up to $4,550 for self-only and $8,100 for family coverage next year. HSA account holders are eligible to make catch up contributions in the year they turn 55; they do not have to wait until the actual birth date for eligibility.
HDHP Cost-sharing Limits for 2020
- For self-only coverage in 2020, the HDHP minimum deductible will increase to $1,400 and the out-of-pocket maximum will increase to $6,900.
- For family coverage, these limits will increase to $2,800 and $13,800, respectively.