The Internal Revenue Service (IRS) recently announced in Revenue Procedure 2019-25 the contribution limits for Health Savings Accounts (HSAs), and guidelines for HSA-Qualified High Deductible Health Plans (HDHPs) for 2020. These amounts are adjusted for inflation each year. Employers may want to review and consider incorporating these new limits.
- Employee-only coverage: $3,550 annual HSA contribution limit, $1,400 minimum deductible, $6,900 out-of-pocket maximum
- Family coverage: $7,100 annual HSA contribution limit, $2,800 minimum deductible, $13,800 out-of-pocket maximum
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As always, American Fidelity is committed to providing our customers with up-to-date information on employee health and welfare benefits compliance. For more information about this and other regulatory developments, visit our website at HCReducation.com.