ComplianceMay 28, 2019

Health savings accounts: 2020 cost-of-living adjustments

After application of the COLA rules, changes for 2020 include an increase in the contribution limits applicable to eligible individuals who have self only or family high-deductible health plan (HDHP) coverage. Additionally, the minimum deductible amount and maximum out-of-pocket expense limit that play a role in determining whether a health plan is an HSA eligible HDHP will increase for 2020.

The following tables indicate the HSA regular contribution limits for 2020 and 2019:

HSA Regular Contribution Limits for 2020
HDHP Coverage Standard Limit Catch-Up Contribution Contribution Limit if Age 55 or Older
Self-Only $3,550 $1,000 $4,550
Family $7,100 $8,100
HSA Regular Contribution Limits for 2019
HDHP Coverage Standard Limit Catch-Up Contribution Contribution Limit if Age 55 or Older
Self-Only $3,500 $1,000 $4,500
Family $7,000 $8,000
The following tables indicate the HDHP minimum deductible and maximum out of pocket expense amounts for 2020 and 2019:
HDHP Requirements for 2020
HDHP Coverage Minimum Deductible Out-of-Pocket Expense Limit
Self-Only $1,400 $6,900
Family $2,800 $13,800
HDHP Requirements for 2019
HDHP Coverage Minimum Deductible Out-of-Pocket Expense Limit
Self-Only $1,350 $6,750
Family $2,700 $13,500
For an opportunity to learn more about IRAs and other tax-advantaged accounts including Health Savings Accounts and Coverdell Education Savings Accounts, consider our on-demand video training offered on a variety of topics. Go here to learn more about training opportunities available to you, or call us at 1-800-552-9408.
Mike Schiller
Manager, Specialized Consulting, Tax Advantaged Accounts
With more than 22 years of experience, Mike has worked closely with hundreds of financial organizations to help them create, implement, and maintain their tax-advantaged accounts program.