IRS Announces 2021 HSA Cost-of-Living Adjustments

Jun 9, 2020 | Announcements, Consumer-driven Health Plans, Health Savings Accounts (HSAs), IRS

IRSThe IRS recently announced its annual cost-of-living adjustments affecting health savings accounts (HSAs) for calendar year 2021.

  • HSA Contribution Limits – The annual HSA contribution limit for individuals with self-only HDHP coverage increases to $3,600, while the family coverage limit goes up to $7,200.
  • HDHP Minimum Required Deductibles – This remains at $1,400 for self-only HDHP coverage and $2,800 for family coverage.
  • HDHP Out-of-Pocket Maximums – The limit on out-of-pocket expenses, including deductibles and copays (but not premiums), for individual HDHP coverage goes up to $7,000, and for family coverage increases to $14,000.

And a reminder: Due to the pandemic, the deadline for making HSA and individual retirement account (IRA) contributions for the 2019 tax year has been extended to July 15, 2020 from the original April 15 date.

MedBen clients with questions regarding these adjustments are welcome to contact Director of Administration Sharon A. Mills at 800-423-3151, Ext. 438 or smills@medben.com.