The IRS has released the 2020 HSA Limits for individuals and families:
- 2020 HSA contributions are $3,550 for individuals and $7,100 for families.
- HSA catch-up contributions will remain at an additional $1,000 for qualifying individuals over the age of 55.
As a reference, the 2019 HSA contributions limits were $3,450 for individuals and $6,900 for families. This means the individual contribution limits increased $50 and family contributions increased $100.
As you may know, an HSA is not a health insurance plan, but can (and should) be used in conjunction with all HSA-eligible plans (like a high deductible health plan). Qualifying HSA-eligible plan requirements have changed, just slightly, in 2020.
HSAs are tied to high-deductible health plans (HDHPs). The annual out-of-pocket expenses for a HDHP in 2020 are also increasing slightly from this year: They cannot exceed $6,900 for self-only coverage, or $13,800 for family coverage.