7 Ways Your Taxes Will Change in 2020

5. Higher HSA contribution limits

Health savings accounts are another type of tax-advantaged account for which the contribution limits generally increase as the years roll along. HSAs are not strictly for retirement savings, although you can effectively use them as retirement accounts.

The 2019 contribution limits for people who are eligible for an HSA and have the following types of high-deductible health insurance policies are:

  • Self-only coverage: $3,500 (up from $3,450 last year)
  • Family coverage: $7,000 (up from $6,900)

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