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HSA

HSA Contribution Limits for Tax Years 2018, 2019 and 2020

The contribution limits to your HSA are adjusted to inflation each year by the IRS.

Tax Year201820192020
Individual $3,450$3,500$3,550
Family $6,900$7,000$7,200
Age 55+ +$,1000+$1,000+$1,000

Note that employer contribution, third party contributions are included in these limits. A third-party contribution is when sometimes insurers put in some money directly in your HSA based on some health metrics like getting a physical done, number of steps taken, etc – it all varies by insurer and your employer.

People age 55 or older (by the end of the year) can save extra $1000 in their HSA and if HSA is for family and both the spouses are age 55 and older they can contribute extra $2000. It is called “catch-up contribution”.

Note that for an extra $2000 contribution each spouse will have to have their own HSA account.

The good news is with the latest CARES Act if you have not yet contributed your maximum amount for tax year 2019, you have time for 2019 contribution until July 15, 2020.

However, when you contribute make sure you tell the custodian (in case it is applied to 2020 tax year) that this is for 2019 and not the tax year 2020.

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