Health Savings Account Limits
Employees participating in the College’s Consumer-Directed Health Plan (CDHP), which is paired with a Health Savings Account (HSA), should note that the maximum annual contribution amounts allowed to Health Savings Accounts will increase for 2020 as follows:
- HSA Contribution Limit (combined College contribution and employee contribution)
• Individual: $3,550
• Two-Person/Family: $7,100
- HSA Catch-up Contributions* (age 55 or older): $1,000
*Catch-up contributions can be made any time during the year in which the HSA participant turns 55. Catch-up contributions do not count towards the HSA Contribution limit.
Please note, the maximum election limits above include both the employer and employee contributions combined. If you wish to make a change to your HSA contribution, please complete the HSA Payroll Deduction Authorization Form. Forms should be submitted to firstname.lastname@example.org or the Human Resources Office (Faculty Row 2). Please contact email@example.com if you have questions.