2020 Health Savings Account (HSA) limits have increased

Here's what you need to know about the HSA limit increases for the 2020 calendar year:

  • An individual with coverage under a qualifying high deductible health plan (deductible not less than $1,400) can contribute up to $3,550 (increase of $50 from 2019) for the year.
  • An individual with family coverage under a qualifying high deductible health plan (deductible not less than $2,800) can contribute up to $7,100 (increase of $100 from 2019) for the year.

Don't forget – if you have employees age 55 or older, they may be eligible to save an additional catch-up contribution of $1,000 per year.*

*While a married couple under a family qualified high deductible health plan share one family HSA contribution limit, they can contribute up to that shared limit in separate accounts and, if both are age 55 or older, each can make a separate $1,000 catch-up contribution to an account in their own name.