Dollar bill ripped in the center signifying that New Health Savings Account limits were announced for 2020

The IRS released Revenue Procedure 2019-25, 2019-22 IRB, which provides information on the limits for Health Savings Accounts (HSAs) for 2020. The annual contribution limitation on deductions for individuals with self-only coverage under a high deductible health plan will be $3,550 (up from $3,500 in 2019). The deduction limitation for an individual with family coverage will be $7,100 (up from $7,000 in 2019).

Minimum Deductible for HDHP:
In order for a health insurance plan to be considered a “High Deductible Health Plan” for 2020, the deductible must be at least $1,400 for self-only coverage and $2,800 for family coverage (up from $1,350 and $2,700 in 2019, respectively).

Maximum Out-of-Pocket:
For 2020, out-of-pocket expenses may not exceed $6,900 for self-only coverage and $13,800 for family coverage.

These changes will go into effect for calendar year 2020. Please note that these limits are subject to change.