HSA Requirements and Limits for 2020

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 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, talk to your Benefits Account Team or see our HSA Guide here: https://www.psfinc.com/email/2019/Benefits/HSAGuide_May2019.pdf.

For help calculating HSA annual contribution limits, we have included 2019 and 2020 spreadsheets:

As always, should you have any questions, please contact your Parker, Smith & Feek Benefits Team. For additional employee benefit compliance news and information visit our Healthcare Reform Explained website.

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