2020 HSA Contribution Amounts: Are They Going to Change?

As we look ahead to the upcoming year, many individuals are starting to plan for their health and financial goals. One important aspect to consider is the Health Savings Account (HSA) and the contribution limits for 2020.

Currently, the IRS sets the guidelines for HSA contribution amounts each year. For the year 2019, the maximum contribution limit for an individual with self-only coverage was $3,500, and for those with family coverage, it was $7,000.

So, will the 2020 HSA contribution amounts change? The answer is yes. The IRS announced an increase in the contribution limits for HSAs for 2020. The new maximum contribution limit for self-only coverage will be $3,550, and for family coverage, it will be $7,100.

It's important for individuals to be aware of these changes in order to make informed decisions regarding their health savings accounts. By taking advantage of the tax benefits and flexibility that HSAs offer, individuals can better manage their healthcare expenses while saving for the future.

Looking forward to 2020, it's crucial to keep an eye on your Health Savings Account (HSA) contributions as the IRS updates these limits regularly. The contributions for 2020 have indeed been adjusted, aiming to help individuals save more for healthcare needs.