What is the 2020 HSA Contribution Limit? - Your Ultimate Guide to HSA Awareness | HSA Assistant

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare costs and saving for the future. If you're considering opening an HSA or already have one, you may be wondering about the 2020 HSA contribution limit. Let's dive into the details!

The 2020 HSA contribution limit for individuals is $3,550, and for families, it's $7,100. These limits include both your contributions and any contributions made by your employer. It's important to note that individuals aged 55 and older can make an additional catch-up contribution of $1,000.

Contributing to your HSA not only helps you save on taxes but also allows you to build a fund for future medical expenses. The money you contribute to your HSA rolls over year after year, so you never lose it, unlike some other types of healthcare accounts.

When planning your HSA contributions for 2020, be sure to stay within the limits to avoid any penalties. You can make contributions to your HSA up until the tax filing deadline for that year, usually April 15 of the following year.

Health Savings Accounts (HSAs) are a fantastic way to ensure that you are financially prepared for healthcare expenses. If you're keen on learning about the 2020 HSA contribution limit, you're in the right place! For the year 2020, individuals can contribute up to $3,550, while families have a limit of $7,100. Remember, this total can include contributions from both you and your employer. Plus, if you’re 55 or older, you have the option to put in an extra $1,000 as a catch-up contribution.