by WEX Benefits
Earlier today, the Internal Revenue Service issued a bulletin announcing 2020 health savings account (HSA) contribution limits will increase slightly, reflecting an adjustment for inflation.
For 2020, the HSA contribution limits are $3,550 for individuals with self-only coverage under a high-deductible health plan (HDHP), a $50 increase from 2019. For family coverage, the contribution limit is $7,100, a $100 increase from 2019.
Increased deductible amounts and expense limits were also announced for HDHPs: In 2020, an HDHP will be defined as a health plan with an annual deductible that is not less than $1,400 for self-only coverage or $2,800 for family coverage, and the annual out-of-pocket expenses (deductibles, co-payments and other amounts, but not premiums) must not exceed $6,900 for self-only coverage or $13,800 for family coverage.
Learn more about HSAs on our Health Trends & Insights blog and by downloading our new consumer research report, “Paying for Healthcare in America.”