A Health Savings Account (HSA) is a great way to pay for your current health care needs and to allow for future value growth in your account to plan for anticipated health costs during retirement years.
The IRS has recently announced that HSA contributions limits will increase in 2020. Under a high deductible health plan, an individual with self-only coverage can contribute up $3,550 and an individual with family coverage can contribute up to $7,100 in 2020. These are increases of $50 and $100, respectively, from 2019 contribution limits. There is no change in HSA catch-up contributions ($1,000 for those age 55 or older) from 2019.
For 2020, a high deductible health plan (HDHP) is a health plan with an annual deductible that is not less than $1,400 for self-only coverage or $2,800 for family coverage, and the annual out-of-pocket expenses (deductibles, co-payments and other amounts, but not premiums) do not exceed $6,900 for self-only coverage or $13,800 for family coverage.
The IRS has recently announced that HSA contributions limits will increase in 2020. Under a high deductible health plan, an individual with self-only coverage can contribute up $3,550 and an individual with family coverage can contribute up to $7,100 in 2020. These are increases of $50 and $100, respectively, from 2019 contribution limits. There is no change in HSA catch-up contributions ($1,000 for those age 55 or older) from 2019.
For 2020, a high deductible health plan (HDHP) is a health plan with an annual deductible that is not less than $1,400 for self-only coverage or $2,800 for family coverage, and the annual out-of-pocket expenses (deductibles, co-payments and other amounts, but not premiums) do not exceed $6,900 for self-only coverage or $13,800 for family coverage.