What's the Maximum HSA Contribution Limit for 2020?

Are you thinking about contributing to your HSA for 2020? It's essential to know the maximum contribution limit allowed. For 2020, the maximum you can contribute to your HSA depends on whether you have self-only or family coverage.

For individuals with self-only coverage, the maximum contribution limit for 2020 is $3,550. If you have family coverage, the maximum contribution limit is $7,100.

But wait, there's more! If you are 55 or older, you can make an additional catch-up contribution of $1,000 to your HSA, making the total contribution limit $4,550 for self-only coverage and $8,100 for family coverage.

Contributing to your HSA is a smart way to save for medical expenses while enjoying tax benefits. Keep in mind that these contribution limits are set by the IRS and may be subject to change in future years.

Are you preparing to contribute to your HSA for 2020? It’s crucial to be aware of the maximum contribution limits to maximize your savings effectively. In 2020, individuals with self-only health coverage can contribute up to $3,550 to their HSA, whereas those with family coverage can contribute a maximum of $7,100.