Every year, HSA undergoes improvements and adaptations, always aiming at a better use by its users. And by 2020 it will be no different. The IRS (International Revenue Service) has announced new and higher contribution limits. The official numbers will be $ 3,550 for individual coverage (up to this year the maximum was $ 3,500) or $ 7,100 for family coverage ($ 7,000 so far). If you are over 55, you can add $1,000 more per year. That catch-up amount is not subject to inflation adjustments.
To contribute, you just need to be qualified and contribute enough to cover your deductible.
As of January 2019, Americans have deposited about $ 60 billion in $ 26 million of HSA accounts, with an estimated $ 2,300 per account.
But don’t wait until the next year to start saving. Join TalliHealth and start saving now!