HSA Limits Increase for 2020

On May 28, 2019, the IRS released Revenue Procedure 2019-25 to announce the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2020. These limits include: The maximum HSA contribution limit; The minimum deductible amount for HDHPs; and The maximum out-of-pocket expense limit for HDHPs. These limits vary based on… Continue reading HSA Limits Increase for 2020

How does a person who is 65 years old or older maintain HSA eligibility and continue working?

To maintain health savings account (HSA) eligibility, an individual who is working and age 65 or older must: Not apply for or waive Medicare Part A, and Not apply for Medicare Part B, and Waive or delay Social Security benefits. For example, if a person delays Social Security benefits and delays Medicare Part A and… Continue reading How does a person who is 65 years old or older maintain HSA eligibility and continue working?