News & Announcements

IRS: 2020 Health Savings Account Limits Increase

Posted Tuesday, June 25, 2019 6:26 am

The Internal Revenue Service announced the 2020 inflation-adjusted amounts for Health Savings Accounts (“HSA”).  The annual limitation on deductions for high deductible health plans (“HDHP”) is $3,550 for an individual plan and $7,100 for a family plan.

 A “high deductible health plan” is a plan with an annual deductible of not less than $1,400 for self-only coverage and a limit of $6,900 on related out-of-pocket expenses, or an annual deductible of $2,800 for family coverage and a limit of $13,800 on related out-of-pocket expenses.  Read more.

 

2020

2019

Self-only

Family

Self-only

Family

HSA Annual Contribution Limit

$3,550

$7,100

$3,500

$7,000

HDHP Min Annual Deductible

$1,400

$2,800

$1,350

$2,700

HDHP Max Out-of-Pocket Expenses

$6,900

$13,800

$6,750

$13,500

 

Feature of the Month:

Resources Updated for New Hawaii Laws

Have you updated your policies, procedures, and handbook provisions to reflect the new laws? HEC has updated various resources on its website.

Learn More

Subscribe to Our Training Events Updates

Subscribe to our training events notices to get in early on upcoming events.

Back to top

Email Sign Up

Subscribe

If you are a member, please login below to manage your subscription. Otherwise, click "Continue to Subscribe"

Login

Continue to Subscribe

Subscribe

Fill out the fields below to receive HEC emails.


How did you hear about HEC?

I would like to receive the following:

News & Updates
Training Events Notices