The IRS recently released Revenue Procedure 2019-25, which provides information on the limits for Health Savings Accounts (HSAs) for 2020. The annual contribution limitation on deductions for individuals with self-only coverage under a high deductible health plan will be $3,550. The deduction limitation for an individual with family coverage will be $7,100. Other limits and maximums changed as well. The below chart outlines all of the changes.
Annual Contribution Limit
Minimum Deductible for HDHP
Maximum Out of Pocket Limit
Over 55 Catch-Up
2020
Self-Only
$3,550
$1,400
$6,900
$1,000
2020
Family
$7,100
$2,800
$13,800
$1,000
2019
Self-Only
$3,500
$1,350
$6,750
$1,000
2019
Family
$7,000
$2,700
$13,500
$1,000
These changes will go into effect for the 2020 calendar year.