Let the Planning Begin: IRS Releases HSA and HDHP Limits for 2020
While it may be early to be thinking about next year for some, others are already knee deep in making health plan changes for 2020. For those that like to get a jump on planning for next year, the IRS just announced the new 2020 contribution limits for a health savings account (“HSA”), as well as the 2020 minimum deductible and maximum out-of-pocket limits associated with a high deductible health plan (“HDHP”). The IRS slightly increased each number, as you will see in the following comparison:
| 2020 | 2019 | |
| Maximum HSA Contribution – Single | $3,550 | $3,500 |
| Maximum HSA Contribution – Family | $7,100 | $7,000 |
| Minimum Deductible – Single | $1,400 | $1,350 |
| Minimum Deductible – Family | $2,800 | $2,700 |
| Out-of-Pocket Maximum – Single | $6,900 | $6,750 |
| Out-of-Pocket Maximum – Family | $13,800 | $13,500 |