The IRS has released both the Health Savings Account (HSA) limits and the Flexible Spending Account (FSA) limits for 2021.
Annual HSA Contribution Limits:
Single: $3,600 ($50 increase from 2020)
Family: $7,200 ($100 increase from 2020)
Annual Minimum Required Deductibles:
Single: $1,400
Family: $2,800
Out-of-Pocket Maximums:
Single: $7,000 ($100 increase from 2020)
Family: $14,000 ($200 increase from 2020)
HSA Catch-up Contribution Reminder: If you are 55 years old or older and enrolled in a high deductible health plan an additional $1000 can be added to the Annual HSA Contribution Limit. This is considered a “Catch-up” contribution.
Annual FSA Contribution Limit:
$2,750 – NO CHANGE FROM 2020
For more information on Health Savings Account or Flexible Spending Account eligibility and utilization please contact us today.