What is the HSA Limit for 2020? All You Need to Know

Health Savings Account (HSA) is a tax-advantaged financial account that allows individuals to save for medical expenses. One important aspect to consider when utilizing an HSA is the contribution limit set for each year.

In 2020, the HSA limit for individuals with self-only coverage is $3,550 and for those with family coverage, the limit is $7,100.

It is crucial to stay informed about these limits as they can impact how much you can save and use for medical expenses.

Health Savings Accounts (HSAs) are an excellent way to set aside money for healthcare expenses while enjoying tax benefits. For the year 2020, the contribution limits are particularly important to keep your finances clear and accessible. The limit for individual coverage is $3,550, and for family coverage, it extends to $7,100, allowing families to save significantly for medical costs.