2020 HDHP/HSA Limits
The IRS has released Revenue Procedure 2019-25 notifying Health Savings Account owners of the funding and deductible limits effective January 1, 2020.
Annual HSA Contribution Limits
- Single – $3,550 ($50 increase from 2019)
- Family – $7,100 ($100 increase from 2019)
Annual Minimum Required Deductibles
- Single – $1,400
- Family – $2,800
Out-of-Pocket Maximums
- Single – $6,900 ($150 increase from 2019)
- Family – $13,800 ($300 increase from 2019)
SHRM has a good breakdown chart of this here : https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/irs-2020-hsa-contribution-limits.aspx
HSA Reporting Reminder:
If you are 55 years old or older and enrolled in a high deductible health plan
an additional $1000 can be added to these total amounts. This is considered a
“Catch-up” contribution.
For more information on Health Savings Account (HSA) eligibility and utilization please contact your KBM Management Account Executive today.