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June 2019: IRS Releases 2020 HSA and HDHP Limits

Business Insurance

 

IRS Releases 2020 HSA and HDHP Limits

The IRS has announced that all 2020 inflation-adjusted amounts for health savings accounts (HSAs) and high-deductible health plans (HDHPs) will increase from 2019 levels. The HSA catch-up contribution is set by statute and is not indexed for inflation after 2009. The table below shows the limits for 2018-2020.

HSA & HDHP LIMITS 2020 2019 2018
Self-only coverage
Maximum tax-deductible/tax-free HSA contribution $3,550 $3,500 $3,450
HDHP minimum annual deductible $1,400 $1,350 $1,350
HDHP in-network out-of-pocket maximum $6,900 $6,750 $6,650
Family coverage
Maximum tax-deductible/tax-free HSA contribution $7,100 $7,000 $6,900
HDHP minimum annual deductible $2,800 $2,700 $2,700
HDHP in-network out-of-pocket maximum $13,800 $13,500 $13,300
HSA catch-up contribution limit at age 55 or older $1,000 $1,000 $1,000
 
ACA out-of-pocket maximums are higher. As announced by the Department of Health and Human Services in April, the 2020 out-of-pocket maximums for nongrandfathered group health plans under the Affordable Care Act (ACA) — $8,150 for self-only and $16,300 for other coverages — are higher than 2020 HDHP out-of-pocket maximums.
 
 
 
 

Additional articles from the June 2019 edition of the Univest Employee Benefits Newsletter:

  1. 2019 PCOR Fee Filing Reminder for Self-Insured Plans
  2. Final Notice of Benefit and Payment Parameters for 2020
  3. Lowest Unemployment in Decades
  4. Hiring and Managing Seasonal Employees

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