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.
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.