The IRS has announced the 2020 inflation-adjusted amounts for Health Savings Accounts (HSAs) as determined under the Internal Revenue Code.
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 (up from $3,500 for 2019). The annual limitation on deductions for an individual with family coverage under a high deductible health plan is $7,100 (up from $7,000 for 2019).
For calendar year 2020, a “high deductible health plan” is defined 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 annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) that do not exceed $6,900 for self-only coverage or $13,800 for family coverage.
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