The IRS has announced that Health Savings Account (HSA) contribution limits will rise in 2020 to $3,550 for individual plans and $7,100 for family plans (up from $3,500 and $7,000 respectively for 2019). There is no change to the allowable $1,000 annual catch-up limit for those age 55 or older. Additionally, the IRS has raised the deductible requirements for a health insurance plan to qualify as a HDHP (High Deductible Health Plan) making it HSA eligible in a given year….
