Multiple Choice 5-2 Health Savings Accounts (LO 5.1) Charlene has family coverage in a qualifying high-deductible health insurance plan. She is 47 years old and wishes to contribute the maximum amount to her HSA. How much is she allowed to contribute and deduct in 2020? O a. $7,100 b. $3,550 Oc. $1,000 O d. $3,500 Oe. $1,300 Feedback Check My Work Health Savings Accounts (HSAs) are a relatively new type of savings account which may be established for the purpose of paying unreimbursed medical expenses by taxpayers who carry qualifying high-deductible medical insurance. Although use of HSAs is expected to decrease as a result of the healthcare coverage requirements of the Affordable Care Act, these plans will remain in existence. Contribution: HSAs are a deduction and limited to certain dollar amounts