IRS Announces 2020 HSA Limits, HDHP Guidelines
The Internal Revenue Service (IRS) recently announced in Revenue Procedure 2019-25 the contribution limits for Health Savings Accounts (HSAs), and guidelines for HSA-Qualified High Deductible Health Plans (HDHPs) for 2020. These amounts are adjusted for inflation each year. Employers may want to review and consider incorporating these new limits.
2020 Limits
- Employee-only coverage: $3,550 annual HSA contribution limit, $1,400 minimum deductible, $6,900 out-of-pocket maximum
- Family coverage: $7,100 annual HSA contribution limit, $2,800 minimum deductible, $13,800 out-of-pocket maximum
We’re Here to Help
As always, American Fidelity is committed to providing our customers with up-to-date information on employee health and welfare benefits compliance. For more information about this and other regulatory developments, visit HCReducation.com.
This blog is up to date as of May 2019 and has not been updated for changes in the law, administration or current event.
Shop for Eligible Items on the HSA Store
You may purchase HSA-eligible items online at the HSA Store. Browse medical supplies, over-the-counter medication, prescriptions, and more.