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HSA Contribution Limits Up for 2020

2019 – 05/28 The IRS has issued inflation-adjusted Health Savings Account (HSA) figures for 2020. The new annual HSA contribution limit for an individual with self-only coverage will be $3,550 (up from $3,500 for 2019). For family coverage, the contribution limit will be $7,100 (up from $7,000 for 2019). HSA contributions can be made only by taxpayers with a high deductible health plan (HDHP). For a health plan to qualify as an HDHP in 2020, its annual deductible must not be less than $1,400 (up from $1,350 for 2019) for self-only coverage or $2,800 (up from $2,700 for 2019) for family coverage. (Revenue Procedure 2019-25)

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