Benefits Buzz
IRS Releases 2020 HSA Limits
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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 LLC (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.