What Is the Eligible HSA Amount for 2020?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. For the year 2020, individuals with an HSA-eligible high deductible health plan (HDHP) can contribute up to $3,550 for self-only coverage or $7,100 for family coverage.

Additionally, if you are 55 or older, you can make catch-up contributions of up to $1,000, making the total contributions $4,550 for self-only and $8,100 for family coverage.

It is important to note that these contribution limits can vary each year, so staying informed about the latest updates is crucial for maximizing your HSA benefits.

Health Savings Accounts (HSAs) are an invaluable tool for those looking to save on healthcare costs while reaping significant tax benefits. In 2020, individuals enrolled in an HSA-eligible high deductible health plan (HDHP) had the opportunity to contribute up to $3,550 for self-only coverage, and for families, the limit was set at $7,100.