The IRS has released the cost sharing limits for high deductible health plans (HDHP) for plan years starting during the 2020 calendar year.

For the calendar year of 2020, individuals with self-only coverage may contribute $3,550 to their health savings account (HSA), while those with family coverage may contribute $7,100 to their HSA.

High deductible health plans for plan years for the 2020 calendar year may not have an annual deductible of less than $1,400 for single coverage or $2,800 for family coverage.

The annual out-of-pocket expenses for the 2020 calendar year for high deductible health plans cannot exceed $6,900 for self-only coverage or $13,900 for family coverage.

HHS has also released the out-of-pocket limits for non-high deductible plans for the 2020 calendar year. The out-of-pocket maximum for self-only coverage is $8,150. For other-than-self-only coverage, the out of pocket maximum is $16,300.

These limits will be in effect for plan years beginning in 2020.

Please contact your Assurance representative if you have any questions.

Information contained herein is not intended to constitute tax or legal advice and should not be used for purposes of evading or avoiding otherwise applicable regulatory responsibilities as issued by the federal or state government(s) and/or taxes owed under the Internal Revenue Code. You are encouraged to seek advice from your legal or tax advisor based on your circumstances.