HSA Limits increase for 2020

Health savings account (HSA) contribution limits for 2020 are increasing: $3,550 for self-only coverage (up $50) and $7,100 for family coverage (up $100), as announced by the IRS on May 28th. These limits apply to calendar year 2020, compared to 2019’s $3,500 (self-only) and $7,000 (family).

Revenue Procedure 2019-25 also sets the minimum deductible and maximum out-of-pocket expenses for the high-deductible health plans (HDHPs) paired with HSAs. The updated limits will be included in InTANDEM HR’s 2020 open enrollment materials.