The IRS Has announced the new limits for Health Savings accounts. The IRS increased the contribution limits for 2020, allowing you to put money away in an account to cover out-of-pocket healthcare expenses without having that money taxed! The IRS increased the amount for individual coverage by $50 making it $3,550 and bumped family coverage up $100 to $7,100. If you’re 55-plus, you can put away an extra $1,000 a year. You can contribute to a health savings account if you’re in a qualifying high-deductible health plan. The money in health savings account can help cover doctors’ co-pays, medicines or other medical expenses that aren’t covered by your insurance.