The Internal Revenue Service (IRS) issued Revenue Procedure 2019-25 last month with information on the Health Savings Account (HSA) and qualified high-deductible health plan (HDHP) limits for 2020.

These limits are updated annually and reflect cost-of-living adjustments.

HSA contribution limits

• $3,550 for individual coverage (increased $50 from 2019)
• $7,100 for family coverage (increased $100 from 2019)

HSA catch-up contributions (age 55 or older)

• $1,000 (no change from 2019)

Minimum deductible requirements for HSA eligibility:

• $1,400 for self-only coverage (increased $50 from 2019)
• $2,800 for family coverage (increased $100 from 2019)

Maximum out-of-pocket limitations for HSA eligibility:

• $6,900 for individual coverage (increased $150 from 2019)
• $13,800 for family coverage (increased $300 from 2019)

Flexible Benefit Service LLC (Flex) is here to help. As a trusted benefits administrator of HSAs since their beginnings, we provide an easy way to manage eligible health care expenses – now and in retirement. Learn more about our HSAs now.