Volume 42 | Issue 49
Download this FYI as a printable PDF
The IRS has released the health savings account and high-deductible health plan limits for 2020. The annual contribution limits, HDHP deductible and out-of-pocket amounts for self-only and family coverage all increased over the 2019 limits.
Background
In Revenue Procedure 2019-25, the IRS issued calendar year 2019 inflation-adjusted contribution limits for health savings accounts (HSAs) along with minimum deductible and maximum out-of-pocket (OOP) limits for high-deductible health plans (HDHPs).
The following table sets out the limits for 2020 as compared to 2019, and includes the catch-up contribution limit, which is prescribed by statute and not indexed for inflation.
|
2020 |
2019 |
Change |
|
| HSA statutory contribution amount | |||
|
Self-only |
$3,550 |
$3,500 |
+ $50 |
|
Family |
$7,100 |
$7,000 |
+ $100 |
| Catch-up contribution (age 55 or older) |
$1,000 |
$1,000 |
no change |
| HDHP minimum deductible amount | |||
|
Self-only |
$1,400 |
$1,350 |
+ $50 |
|
Family |
$2,800 |
$2,700 |
+ $100 |
| HDHP maximum out-of-pocket amount | |||
|
Self-only |
$6,900 |
$6,750 |
+ $150 |
|
Family |
$13,800 |
$13,500 |
+ $300 |