2021 Health Savings Account and High Deductible Health Plan Inflation Adjusted Amounts - Bim Group

2021 Health Savings Account and High Deductible Health Plan Inflation Adjusted Amounts

The Internal Revenue Service (IRS) released Rev. Proc. 2020-23 that provides the 2021 inflation-adjusted amounts for health savings accounts (HSAs) and HSA-qualifying high deductible health plans (HDHPs).

The 2021 annual HSA contribution limit is $3,600 for individuals with self-only HDHP coverage (a $50 increase from the $3,550 contribution limit in 2020). The 2021 annual HSA contribution limit is $7,200 for individuals with family HDHP coverage (a $100 increase from the $7,100 contribution limit in 2020).

The 2021 minimum annual deductible is $1,400 for self-only HDHP coverage (the same as the 2020 minimum annual deductible). The 2021 minimum annual deductible is $2,800 for family HDHP coverage (the same as the 2020 minimum annual deductible).

The 2021 annual limit on out-of-pocket expenses (deductibles, copayments, and other amounts, but not premiums) is $7,000 for self-only HDHP coverage (a $100 increase from the $6,900 limit in 2020). The 2021 annual limit on out-of-pocket expenses is $14,000 for family HDHP coverage (a $200 increase from the $13,800 limit in 2020).

 

Recent Insights

August 5, 2020
Compliance Alert

Compliance Recap: July 2020

July was a busy month in the employee benefits world. The U.S. Supreme Court (Supreme Court) upheld the religious exemption and moral exemption final rules to the Patient Protection and Affordable Care Act (ACA) contraceptive mandate. The Internal Revenue Service (IRS) released the indexed 2021 ACA affordability percentage. The President signed a law extending the […]
Read more
August 4, 2020
COVID 19, Webinar

Webinar: Counting Employee Hours Under ACA Eligibility Rules in Light of COVID-19

Tuesday, August 11, 2020 2:00 p.m. ET / 11:00 a.m. PT Register Now The Patient Protection and Affordable Care Act (ACA) specifies when employers of a certain size must offer their employees health plan coverage. The ACA contains specific rules for counting employee hours when determining employer size and determining which employees must be offered […]
Read more
July 21, 2020
Affordable Care Act (PPACA)

Proposed Rules on Grandfathered Group Health Plan Coverage

In response the President’s Executive Order 13765 “Minimizing the Economic Burden of the Patient Protection and Affordable Care Act Pending Repeal” issued on January 20, 2017, the Department of Health and Human Services (HHS), Department of Labor (DOL), and the Department of the Treasury (Treasury) (collectively, the Departments), issued proposed rules for grandfathered health plans […]
Read more
July 6, 2020
COVID 19, Webinar

Webinar: Recent Timeframes, Cafeteria Plan, and Account-Based Plan Relief for Group Health Plans due to COVID-19

Tuesday, July 14, 2020 2:00 p.m. ET / 11:00 a.m. PT Register Now On March 13, 2020, President Trump issued the Proclamation on Declaring a National Emergency Concerning the Novel Coronavirus Disease (COVID-19) Outbreak and by separate letter made a determination, under Section 501(b) of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, […]
Read more