ConnectYourCare Announces Increases in 2020 IRS Limits for Health Savings Accounts

Hunt Valley, MD, May 28, 2019

In an effort to provide needed guidance to brokers and employers, ConnectYourCare—a national leader in consumer-directed health care account solutions—is announcing the inflation-adjusted limits for Health Savings Accounts (HSAs), set forth annually by the Internal Revenue Service (IRS). The new 2020 HSA contribution limits include:

Maximum HSA Contribution Level
$3,550 for individual coverage
$7,100 for family coverage

Minimum Deductible for Qualifying High Deductible Health Plan (HDHP)
$1,400 for individual coverage
$2,800 for family coverage

Maximum Out-of-Pocket Expenses for HDHP
$6,900 for individual coverage
$13,800 for family coverage

The new limits increase the pre-tax amounts individuals and families may contribute to their HSA over 2019 limits by $50 and $100, respectively, while the deductible for qualifying plans also increased by $50 individuals and $100 for families. Out-of-pocket maximums are up $150 for individuals and $300 for families over 2019 limits.

“ConnectYourCare is delighted to announce the recent increases in contribution limits for HSAs,” says Harrison Stone, General Counsel, ConnectYourCare.

“While the increases are modest, ConnectYourCare appreciates the additional opportunity for Americans to prepare and pay for their health care needs,” he adds.

About ConnectYourCare

As a consumer-directed health care pioneer and nationally recognized industry leader, ConnectYourCare delivers a comprehensive solution supporting health care savings accounts and expanded tax-advantaged offerings. Through continuous evolution, highly rated service, and domain expertise across the benefits, banking, and payments spectrum, we are revolutionizing the connection between health and wealth. ConnectYourCare creates greater participant value through intuitive account management; greater employer value and savings through dynamic, outcome-based workflows and tools; and greater partnership value through deep engagements to meet goals—with proprietary, cloud-based technology and a modern, intelligent platform as its foundation.
Trusted by leading organizations, spanning all industries and sizes, we are making it easier for people to manage care, so they can enjoy life. For more information, visit ConnectYourCare.com or follow us on Twitter @ConnectYourCare.

By |2019-11-01T15:51:29-05:00May 28th, 2019|
Disclaimer: ConnectYourCare does not provide tax or legal advice. This information is not intended and should not be taken as tax or legal advice. Any tax or legal information in this notice is merely a summary of ConnectYourCare’s understanding and interpretation of some of the current tax regulations and is not exhaustive. You should consult your tax advisor or legal counsel for advice and information concerning your particular situation before making any decisions.