The attached Benefits Brief provides the January 1, 2020 applicable limits that will apply to Health Savings Accounts (HSAs). The overview includes the increase to the Minimum Plan Deductible amount and the Maximum out-of-pocket amount for a Qualified High Deductible Health Plan (QHDHP). The age 55 and older catch-up contribution will remain the same for the coming year at $1,000.
Additionally, the attached includes key FAQs for HSAs as it applies to implementing a QHDHP Plan for the first time, including important updates that need to be made to a client’s Section 125 cafeteria plan or how to ensure clients coordinate appropriately between an HSA and a Heath Care Flexible Spending Account (HCFSA).
Contact your Cowden representative for more information on this or other compliance issues.