Health Savings Accounts (HSAs) allow eligible individuals to make deductible contributions that can be withdrawn tax-free for reimbursement of eligible medical expenses. For 2020, the limitation on HSA deductions is $3,550 (up from $3,500 for 2019) for an individual with self-only coverage under a High Deductible Health Plan (HDHP) or $7,100 (up from $7,000 for 2019) for family coverage. An HDHP is defined under IRC Sec. 223(c) as a health plan with an annual deductible not less than $1,400 (up from $1,350 for 2019) for self-only coverage or $2,800 (up from $2,700 for 2019) for family coverage, with annual out-of-pocket expenses (deductibles, copayments, and other amounts, but not premiums) not exceeding $6,900 (up from $6,750 for 2019) for self-only coverage or $13,800 (up from $13,500 for 2019) for family coverage.
https://www.armcpa.com/wp-content/uploads/2015/05/Health.png 241 383 Bill https://www.armcpa.com/wp-content/uploads/2018/02/logo.png Bill2019-06-11 05:31:092019-06-11 05:31:09HSA Figures for 2020