Health Savings Account (HSA) contribution limitations for 2020 are listed below. Contributions to a HSA are tax deductible or pre-tax as a payroll deduction. Funds from an HSA account can be used to offset deductibles, copays, and other qualified medical expenses. Excess contributions are not deductible and are subject to penalty unless the excess contributions are paid out to the account holder before the tax return deadline including extensions.
H.S.A CONTRIBUTIONS LIMITS
Self-only Plan $3,550
Family Plan $7,100
Age 55 Catch Up $1,000
MINIMUM DEDUCTIBLE
Self-only Plan $1,400
Family Plan $2,800