As most of you know, I track the data needed to make inflation adjustments for Health Savings Accounts from one year to the next. I have accurately predicted the annual adjustments by the Internal Revenue Service for the past 13 years.
With the today’s release of the December inflation figures by the Bureau of Labor Statistics, the inflation-adjusted amounts for HSAs for 2020 are coming into view. With only three months of data remaining to be collected, I can now project the HSA amounts for next year with virtual certainty.
I am projecting that the HSA contribution limits will increase again for 2020. In addition, the minimum deductibles and annual out-of-pocket maximums for HSA-qualified health plans will also change for 2020. This means insurance carriers and trustees and custodians will need to plan ahead and start making the necessary adjustments now. The good news for consumers is the HSA contribution limits will be going up, both for singles and families. You can find my projections on our website AskMrHSA.com.
Look for my final projections for 2020 in April. The IRS will release the final amounts later in April or May.