Each year in May the IRS releases the inflation adjusted limits for High Deductible Health Plans (HDHPs) and Health Savings Accounts (HSAs) applicable for the following calendar year. The limits announced last month for 2021 in IRS Revenue Procedure 2020-32 are as follows:
2021 HSA Annual Contribution Limits+ :
- Self-Only Coverage: $3,600
- Family Coverage: $7,200
+ Individuals age 55 or older as of the last day of 2021 may contribute an additional $1,000 to their HSA Account for that year.
2021 HDHP Minimum Required Annual Deductibles:
- Self-Only Coverage: $1,400
- Family Coverage: $2,800
2021 HDHP Maximum Annual Out-of-Pocket Expense Limits:
- Self-Only Coverage: $7,000
- Family Coverage: $14,000
The IRS Revenue Procedure 2020-32 can be found online here.
If you have any questions about these changes or any other rules pertaining to Health Savings Accounts, please submit them to Admin America via our online Q&A forum.