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June 4, 2019
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 — opens in a new windowhttps://www.irs.gov/irb/2019-22_IRB#REV-PROC-2019-25. The updated annual dollar amounts are set forth below.
*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.
For more information about requirements for HSA-eligibility, contributions and reimbursements, talk to your Benefits Account Team or see our HSA Guide here: opens in a new windowhttps://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 opens in a new windowParker, Smith & Feek Benefits Team. For additional employee benefit compliance news and information visit our opens in a new windowHealthcare Reform Explained website.
The views and opinions expressed within are those of the author(s) and do not necessarily reflect the official policy or position of Parker, Smith & Feek. While every effort has been taken in compiling this information to ensure that its contents are totally accurate, neither the publisher nor the author can accept liability for any inaccuracies or changed circumstances of any information herein or for the consequences of any reliance placed upon it.