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Annual HSA Contribution Limits Increased for 2021

HitesmanLaw, PAClient AlertsMay 21, 2020

The IRS recently released Revenue Procedure 2020-32 (https://www.irs.gov/pub/irs-drop/rp-20-32.pdf) regarding the inflation adjusted amounts applicable to health savings accounts (HSA) for the 2021 calendar year.

The 2021 amounts will be as follows:

HSAs

  • Annual limit of $3,600 on contributions/deductions for an individual with self-only coverage under an HDHP
  • Annual limit of $7,200 on contributions/deductions for an individual with family coverage under an HDHP

HDHPs

  • Minimum annual deductible of $1,400 for self-only coverage*
  • Minimum annual deductible of $2,800 for family coverage*
  • Annual out-of-pocket maximum cannot exceed $7,000 for self-only coverage
  • Annual out-of-pocket maximum cannot exceed $14,000 for family coverage

* The minimum HDHP deductibles did not increase for 2021.

If you have any questions, please contact us.

 

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Client Alerts

  • Upcoming EBIA Webinars: Self-Audit Your Group Health Plan Compliance | Governmental and Church Group Health Plans: What Rules Apply?
  • The CAA: The Legislative Gift that Keeps on Giving
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  • ANNOUNCEMENT: Upcoming Webinar Presentations
  • Two upcoming EBIA Webinars regarding Nondiscrimination Rules for Cafeteria Plans

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About HitesmanLaw

As a leader in employee benefits law, Darcy Hitesman founded HitesmanLaw in order to help public and private employers, insurers and third-party administrators nationwide stay informed and minimize the risk of non-compliance issues.

HitesmanLaw provides a wealth of legal experience to their clients in the areas of ERISA, COBRA, HIPAA, Health Care Reform, welfare plans, cafeteria plans, HRAs, and VEBAs.

Client Alerts

  • Upcoming EBIA Webinars: Self-Audit Your Group Health Plan Compliance | Governmental and Church Group Health Plans: What Rules Apply?
  • The CAA: The Legislative Gift that Keeps on Giving
  • Important Relief for Filing 1094-1095 Forms for 2020 Calendar Year
  • ANNOUNCEMENT: Upcoming Webinar Presentations

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