2020 HSA Contribution Limits
December 19th, 2019 by Thomas Harte
With the delivery of the IRS Revenue Ruling 2019-22, contributions toward health savings accounts (HSAs) for CY 2020 will increase for plan participants.
- Maximum HSA Contributions:
- Single: $3,550 (up from $3,500 in 2019)
- Family: $7,100 (up from $7,000)
- Minimum Deductible to qualify an HDHP as eligible for HSA Contributions (no changes from 2018):
- Single: $1,400
- Family: $2,800
- Maximum Out of Pocket Expense:
- Single: $6,900 (up from $6,750)
- Family: $13,800 (up from $13,500)
- Catch up Contributions: $1,000 for those over the age of 55
For any questions regarding Health Savings Accounts, please contact one of the experts at Landmark Benefits.