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IRS Announces New HSA & HDHP Limits for 2020

new 2020 limits

1 minute read

The IRS has recently announced the inflation-adjusted contribution limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) will increase for 2020.

Type of Limit

2019

2020

Change

HSA Contribution Limit

Self-only

$3,500

$3,550

Up $50

Family

$7,000

$7,100

Up $100

HSA Catch-up Contributions (not subject to adjustment for inflation)

Age 55 or older

$1,000

$1,000

No change

HDHP Minimum Deductible

Self-only

$1,350

$1,400

Up $50

Family

$2,700

$2,800

Up $100

HDHP Maximum Out-of-pocket Expense Limit (deductibles, copayments, other amounts, but not premiums)

Self-only

$6,750

$6,900

Up $150

Family

$13,500

$13,800

Up $300

 

The new HSA contribution limits will become effective January 1, 2020. Employers may need to update their enrollment materials and communicate the new limits to employees as part of their enrollment process.

The HDHP cost-sharing limits for 2020 will apply for plan years beginning on or after January 1, 2020. Employers may need to make plan design changes for plan years beginning 2020.

Download the bulletin for more details.

You can download our infosheet for the 2019 IRS Contribution Limits. Stay tuned to our blog and we'll post the 2020 limits once they are available.

Click to Download our 2019 IRS Contribution Limits Infosheet!

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Joanne Wacker

Joanne Wacker

Joanne Wacker believes in living her life passionately and inspiring others to grow. When it comes to client relationships, she believes in telling a client the right thing instead of what they want to hear. Joanne is honest, hard-working, and has a great work ethic. As Account Manager for National Insurance Services, Joanne works with schools, cities, and counties in Minnesota on their health insurance, wellness plans, benefit communication, and retirement incentives. Joanne has a strong background in insurance and benefit administration, is a licensed insurance agent, and is a member of the Society of Human Resource Management (SHRM).