2020 COLAs for HSA-Qualifying HDHPs
The IRS has released the 2020 cost-of-living amounts (COLAs) for HSA-qualifying high-deductible health plans. Both the deductible and the out-of-pocket amounts (which include deductibles, co-payments, and coinsurance, but not premiums) have increased for 2020:
|
Benefit |
2019 |
2020 |
|
Minimum Annual Deductible for Single Coverage |
$1,350 |
$1,400 |
|
Minimum Annual Deductible for Family Coverage |
$2,700 |
$2,800 |
|
Maximum Out-of-Pocket Amount for Single Coverage |
$6,750 |
$6,900 |
|
Maximum Out-of-Pocket Amount for Family Coverage |
$13,500 |
$13,800 |
The contribution limits have also increase for 2020:
|
Contributor |
2019 |
2020 |
|
Individual/Self Only |
$3,500 |
$3,550 |
|
Family |
$7,000 |
$7,100 |
The $1,000 catch-up contribution available to accountholders aged 55 and older is not tied to a COLA and remains at $1,000.
These 2020 COLAs are effective the first day of the first plan year on or after January 1, 2020. If you have questions about the COLAs for 2020, call ASR Health Benefits at (616) 957-1751 or (800) 968-2449.