It's that time of year again!
On May 28, 2019, the IRS announced the following 2020 limits for health savings accounts (HSAs) and high deductible health plans (HDHPs).
In 2020, individual HSA contribution limits will rise to $3,550; the family HSA contribution limit will rise to $7,100.
The HDHP minimum deductible limit for individual coverage will change in 2020 to $1,400, with family coverage changing to $2,800. Additionally, the HDHP maximum out-of-pocket expenses will change under this provision. For individuals, it changes to $6,900 and for families, $13,800.
These rates become effective January 1, 2020.