IRS Update

UPDATED IRS HSA LIMITS FOR 2020

You’ll be able to set aside more pre-tax dollars for medical expenses next year!

The IRS announced the new limits for Health Savings Accounts (HSAs) are going up $50 for individual coverage and $100 for family coverage, bringing them to $3,550 and $7,100, respectively. The catch-up contribution limit for those over age 55 will remain $1,000.

Each of these updates are set forth below:

Should you have any questions, please contact an FBA Administrator during our operating hours, Monday through Friday 8:30 am – 5:00 pm EST, at (800) 437-3539.