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.
|Health Savings Account Limitations (HSAs)|
|HSA Contribution Limits|
|HDHP Out of Pocket Maximum|
|HDHP Minimum Annual Deductible|
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.