HSA - Health Savings Account Contribution Limits for 2019 and 2020

HSA Contribution Deadlines

Tax-year 2019 deadline is April 15th, 2020
Tax-year 2020 deadline is April 15th, 2021

HSA Information

A Health Savings Account (HSA) is a tax-advantaged medical savings account for people who are enrolled in an eligible high-deductible health plan (HDHP). You can use the funds for medical expenses, such as prescriptions, eye care, dental, and more. The funds contributed to your HSA are automatically tax-deductible, reducing your taxable income for the year.

Health Savings Account (HSA) Contribution Limits

	2019	2020
High Deductibles/Out of Pocket Limits
Single Coverage - Minimum/Maximum	$1,350/$6,750	$1,350/$6,900
Family Coverage - Minimum/Maximum	$2,700/$13,500	$2,700/$13,800
Health Savings Account Contribution Limits
Single Coverage	$3,500	$3,550
Family Coverage	$7,000	$7,100
Plus $1,000 catch-up contribution if you are age 55+

Eligibility for HSAs

You can only make a contribution to an HSA if enrolled in an eligible high-deductible health plan (HDHP). You cannot be covered by another health insurance.
You may not make a contribution if you are enrolled in Medicare.
You may not make a contribution if you are claimed as a dependant on someone's tax return.

Other Important Information

Contributions must be made in cash - contributions of stock, property, or other assets are not allowed.
Your annual contribution limit may be affected by the length of time you have been enrolled in your HDHP.
Both you and your employer can contribute to your HSA but the combined funding may not exceed the contribution limits outlined in the table above.

Health Savings Account (HSA) - Flexible Savings For Medical Expenses

Your contribution doesn't have to be used in a particular year - funds continue to accumulate. This feature is an important one for many as medical expenses may be much larger in a particular year whiles other years may have fewer expenses. It is also worth noting that you do not lose funds if you change your health plan. However, you cannot use HSA contributions to pay for expenses incurred prior to opening the account.

IRA Contribution Limits FAQs

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Health Savings Account (HSA) Contribution Limits

HSA Contribution Deadlines

HSA Information

Health Savings Account (HSA) Contribution Limits

Eligibility for HSAs

Other Important Information

Health Savings Account (HSA) - Flexible Savings For Medical Expenses

IRA Contribution Limits FAQs

Learn the answers to the most asked questions on the topic of contribution limits