The IRS has released the cost of living adjustments to the limits for Health Savings Accounts (HSA) and High Deductible Health Plans (HDHPs). Most of the limits have changed for the 2020 tax year.

2019 2020
Health Savings Account Limitations (HSAs)
HSA Contribution Limits
Individual $3,500 $3,550
Family $7,000 $7,100
Catch-up $1,000 No change
HDHP Out of Pocket Maximum
Individual $6,750 $6,900
Family $13,500 $13,800
HDHP Minimum Annual Deductible
Individual $1,350 $1,400
Family $2,700 $2,800

Employees must be enrolled in an HDHP in order to contribute to an HSA. If you have questions as to how these limits apply to your plan, please contact your Nyhart consultant.