2020 HSA and HDHP Limits
On May 28, 2019, the IRS released the 2020 limits for Health Savings Accounts (HSA) and High Deductible Health Plans (HDHP).
2020 HSA Contribution Limits
Single: $3,550, up $50 from 2019
Family: $7,100, up $100 from 2019
2020 HDHP Minimum Deductible
Single: $1,400, up $50 from 2019
Family: $2,800, up $100 from 2019
2020 HDHP Out-of-Pocket Maximum
Single: $6,900, up $150 from 2019
Family: $13,800, up $300 from 2019
Catch Up Contributions for Age 55 and Over
Enrollees in HSA compatible High Deductible Health Plans may contribute an additional $1000 per year at age 55 or older. Married couples must have separate HSAs in order to contribute the annual maximum and the additional $1000 if one or both are age 55 or over. Because HSAs are individual accounts, there is no joint HSA even when the family has HDHP coverage.
Example:
A family is covered on a HDHP. The wife is 53 and contributes the full annual amount to her HSA. The husband is 56 years old and wishes to make a $1000 catch-up contribution. The husband must open a separate HSA in his name in order to contribute the $1000.
The $1000 additional catch up contribution is fixed by law and is not adjusted for inflation annually.