In what has become a small holiday around here, mid-to-late May means warmer weather, long weekends and the announcement of the following year's HSA contribution limits. And as you've probably guessed, we're not really good at discussing hot dogs.

On May 28, 2019, the IRS released Revenue Procedure 2019-25 its annual update, which explains the 2020 inflation-adjusted amounts for high deductible health plans (HDHPs)

As expected, incremental increases were applied to self-only and family coverage, right in line with the last few years' worth of adjustments (typically a $50 increase for self-only coverage, and $100 for family coverage).

The HSA contribution limits for 2020 (as compared to this year) are as follows:


2019

Rev. Proc.
2018-30

2020

Rev. Proc.
2019-25

Annual limitation on deductions to an HSA – self-only coverage

$3,500

$3,550

Annual limitation on deductions to an HSA – family coverage

$7,000

$7,100

HDHP – self-only

  • Annual deductible not less than:
  • Annual out-of-pocket expenses
    do not exceed:


$1,350

$6,750


$1,400

$6,900


HDHP – family

  • Annual deductible not less than:
  • Annual out-of-pocket expenses
    do not exceed:


$2,700

$13,500


$2,800

$13,800


Remember! If you're 55 or older, you can contribute an additional $1,000 per year to the above totals as a catch-up contribution. This amount is unchanged from the previous year.

HSA updates, stories and deals, right in your inbox!