Fund a Health Savings Account for Future Medical Expenses

Each year, you and/or your employer may make contributions to an HSA up to a specific limit set by the IRS.

In addition, each year the IRS releases cost-of-living adjustments affecting HSAs, as well as high deductible health plan (HDHP) out-of-pocket maximums and minimums annual deductibles.

HSA Contribution Limits (employer + employee)

  Year   Self Only   Family Coverage
  2018   $3,450   $6,900
  2019   $3,500   $7,000
  2020   $3,550   $7,100

 

HDHP Minimum Deductibles

  Year   Self Only   Family Coverage
  2018   $1,350   $2,700
  2019   $1,350   $2,700
  2020   $1,400   $2,800

 

HDHP Maximum Out-of-Pocket Amounts (deductibles, co-payments and other amounts, but not premiums)

  Year   Self Only   Family Coverage
  2018   $6,650   $13,300
  2019   $6,750   $13,500
  2020   $6,900   $13,800

Source: IRS, Revenue Procedure 2019-25.

Life Changes and Your HSA

The account is completely portable, even if the individual owner leaves employment or obtains different medical coverage in the future, as long as you continue to be enrolled in a qualified high-deductible health plan.

Individuals age 55 or older may make additional “catch up” payments of up to $1,000 per year.

Prior to age 65, all funds withdrawn for non-medical purposes may be subject to regular income taxes plus a 20 percent penalty. After age 65, individuals my use their funds for non-medical purposes, without being penalized. Income taxes will still apply. 

Saving the Day with an HSA

How Much Should I Contribute?

HSA contribution calculator
Use teh HSA contribution calculator