IRS ANNOUNCES 2020 HSA LIMITS
On 05/28/2019, the IRS officially announced the adjusted annual 2020 limits for Health Savings Accounts (also known as HSA’s).
The pre-tax salary reduction limit for Health Saving Accounts will increase for plan years on or after January 1, 2020. Single or individual coverage will increase to $3,550 while family coverage will increase to $7,100. If you’re 55-plus, you can contribute an additional $1,000 a year.
To review the full update to the 2020 tax provisions please refer to the official IRS page here.