Question:

Have the contribution limits of HSA increased for 2020?

Answer:

The IRS limits for Health Spending Account (HSA) contributions increase for 2020. Eligible individuals with self-only deductible health plan (HDHP) coverage will be able to contribute up to $3,550 for 2020, while eligible individuals with family HDHP coverage will be able to contribute up to $7,100 for 2020. The $1,000 catch-up contribution limit that applies to HSA-eligible individuals who are age 55 or older will remain unchanged.

For more information on group health insurance or business wellness programs, contact one of our consultants at Ollis/Akers/Arney Insurance & Business Advisors.