The IRS has released the 2020 cost-of-living adjusted limits for health savings accounts (HSAs) and high-deductible health plans (HDHPs):
- The HSA contribution limit for 2020 is $3,550 for individuals with self-only HDHP coverage and $7,100 for individuals with family HDHP coverage
- The HDHP minimum deductible for 2020 is $1,400 for self-only HDHP coverage and $2,800 for family HDHP coverage
- The HDHP out-of-pocket maximum for 2020 is $6,900 for self-only HDHP coverage and $13,800 for family HDHP coverage
For more information, please visit: https://www.irs.gov/pub/irs-irbs/irb19-22.pdf
Lifetime Benefit Solutions, Inc. is not a law firm, has not reviewed that information for legal sufficiency, and does not give legal or tax advice. The sponsoring employer should have this information reviewed by its own legal counsel for compliance with ERISA, tax requirements, and other applicable laws and regulations.