HSA Requirements and Limits for 2020

Issue Date: May 2019

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The IRS released the 2020 health savings account (HSA) annual contribution limits and high deductible health plan (HDHP) requirements in IRS Rev. Proc. 2019-25 — https://www.irs.gov/irb/2019-22_IRB#REV-PROC-2019-25. The updated annual dollar amounts are set forth below.

2020 HSA Annual HSA Contribution Limits*

  • Self-only (single) HDHP coverage = $3,550 ($3,500 in 2019)
  • Other than self-only (family) HDHP coverage = $7,100 ($7,000 in 2019)

*Catch-up contributions — HSA-eligible individuals who have reached age 55 by the end of the taxable year can make an extra annual $1,000 catch-up contribution. 

2020 Qualifying HDHP Coverage

  • Minimum Deductible
  • Self-only (single) = $1,400 ($1,350 in 2019); Other than self-only (family) = $2,800 ($2,700 in 2019)
  • OOP Maximum
  • Self-only (single) = $6,900 ($6,750 in 2019); Other than self-only (family) = $13,800 ($13,500 in 2019)

For more information about requirements for HSA-eligibility, contributions and reimbursements, see our HSA Guide found at https://benefitcomply.com/resources/wp-content/uploads/2019/05/HSAGuide_May2019.pdf.

For help calculating HSA annual contribution limits, here are links to 2019 and 2020 spreadsheets:

 

While every effort has been taken in compiling this information to ensure that its contents are totally accurate, neither the publisher nor the author can accept  liability  for any inaccuracies or changed circumstances of any information herein or for the consequences of any reliance placed upon it. This publication is distributed on the understanding that the publisher is not engaged in rendering legal, accounting or other professional advice or services. Readers should always seek professional advice before entering into any commitments.