On May 28, 2019, the IRS released Revenue Procedure 2019-25 to announce the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2020. Here’s a breakdown of these increases.
Annual Contribution Limits for 2020
For calendar year 2020, the annual limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,550, while annual limitation on deductions for an individual with family coverage under a high deductible health plan is $7,100.
High Deductible Health Plan Limits for 2020
For calendar year 2020, a “high deductible health plan” is as a health plan with an annual deductible that is not less than $1,400 for self-only coverage or $2,800 for family coverage, and the annual out-of-pocket expenses do not exceed $6,900 for self-only coverage or $13,800 for family coverage.
Through our Corporate Health Insurance Solutions subsidiary, we offer small group insurance designed for your business. Click here to find out how you can create an attractive benefits package to help retain your team.
