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.