What is the Maximum Deductible for HSA Policy in 2020?

When it comes to Health Savings Accounts (HSAs), understanding the maximum deductible for your HSA policy in 2020 is crucial. The maximum deductible for an HSA-qualified high deductible health plan (HDHP) in 2020 is $6,900 for individual coverage and $13,800 for family coverage.

Contributions to your HSA can be made up to the amount of your deductible, but not exceeding the maximum annual contribution limits set by the IRS.

Having a high deductible health plan paired with an HSA can offer individuals and families various tax advantages and flexibility in managing healthcare expenses. It allows you to save for future medical expenses while benefiting from tax advantages.

Understanding HSAs is key, especially when it comes to the maximum deductible for your HSA-qualified high deductible health plan (HDHP). In 2020, these limits were set at $6,900 for individual coverage and $13,800 for family coverage. A great aspect of HSAs is that contributions can be made up to your deductible but cannot exceed the IRS's annual contribution limits.

With these plans, you’ll not only be prepared for future healthcare costs, but you will also enjoy the tax advantages that come along with HSAs!