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IRS announces 2021 HSA limits

Authored by Bukaty Companies on June 1, 2020

Contribution limits for 2021 Health Savings Accounts (HSAs) will increase $50 for self-only coverage and $100 for family coverage, the IRS recently announced. HSA contribution and plan limits will increase to $3,600 for self-only coverage and $7,200 for family coverage. Changes to the limits are effective January 2021.

HSAs are tax-exempt accounts that help people save money for eligible medical expenses. To qualify for an HSA, the policyholder must be enrolled in an HSA-qualified, high deductible health plan (HDHP), must not be covered by other non-HDHP health insurance or Medicare, and cannot be claimed as a dependent on a tax return.

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For questions, contact your Bukaty benefits consultant at 913.345.0440.

Blog Category: HSA