Benefits Buzz

IRS Releases 2020 HSA Limits

Posted on June 27th, 2019

The Internal Revenue Service (IRS) issued Revenue Procedure 2019-25 last month with information on the Health Savings Account (HSA) and qualified high-deductible health plan (HDHP) limits for 2020.

These limits are updated annually and reflect cost-of-living adjustments.

HSA contribution limits

  • $3,550 for individual coverage (increased $50 from 2019)
  • $7,100 for family coverage (increased $100 from 2019)

HSA catch-up contributions (age 55 or older)

  • $1,000 (no change from 2019)

Minimum deductible requirements for HSA eligibility:

  • $1,400 for self-only coverage (increased $50 from 2019)
  • $2,800 for family coverage (increased $100 from 2019)

Maximum out-of-pocket limitations for HSA eligibility:

  • $6,900 for individual coverage (increased $150 from 2019)
  • $13,800 for family coverage (increased $300 from 2019)

Flexible Benefit Service Corporation (Flex) is here to help. As a trusted benefits administrator of HSAs since their beginnings, we provide an easy way to manage eligible health care expenses – now and in retirement. Learn more about our HSAs now.

 

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