2020 Inflation Adjusted Numbers for HSAs Released by IRS

The IRS has issued the inflation adjusted amounts for Health Savings Accounts (HSAs) for 2020 in Revenue Procedure 2019-25.  The inflation adjusted numbers for HSAs are generally released much earlier in the year than other inflation adjusted numbers that will impact the following year’s taxes.

The annual contribution limitation to an HSA for an individual with self-only coverage will be $3,550 for 2020 and $7,100 for an individual with family coverage.

For 2020, an HSA qualifying high deductible health plan (HDHP) must have a deductible of at least $1,400 for self-only coverage and $2,800 for family coverage. 

The maximum annual out of pocket expenses (which includes deductibles, co-payments and other amounts, excluding the premiums for the policies) in 2020 is $6,900 for an HDHP offering self-only coverage and $13,800 for an HDHP offering family coverage.