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

April 8, 2024
HIPAA

Timely Responses Required for Requests under HIPAA’s Right of Access Rule

READ TIME: 4 MINUTES On December 15, 2023, the U.S. Department of Health and Human Services (HHS) Office for Civil Rights (OCR), announced a settlement under the Health Insurance Portability & Accountability Act (HIPAA) Right of Access Rule. This penalty illustrates that the Right of Access Rule remains a focus of HHS and that health […]
Read more
April 8, 2024
Compliance Alert

March 2024 Compliance Recap

READ TIME: 7 MINUTES ACA reporting is in its first year of the required electronic reporting for employers filing ten or more returns annually. Employers and employees must make changes to HSAs by the April 15 deadline. Employers of all sizes continued to prepare for the June 1 RxDC Reporting using the newly released instructions. […]
Read more
March 27, 2024
HR Elements

Workplace Culture | Attracting and Hiring Veterans

READ TIME: 5 MINUTES Hiring veterans can address the challenges of a skilled labor shortage and diversify your talent pool. You can tap into veterans’ technical skills and leadership experience by adjusting your recruitment strategies to consider practical experience over academic qualifications. Why should you develop a more inclusive recruitment strategy for veterans? Veterans bring […]
Read more
March 18, 2024
News

Bim Group named one of the 2024 Best Places to Work in Kentucky!

Bim Group is honored to be named a Best Place to Work (BPTW) in Kentucky for the 19th year in a row! It truly never gets old and we are extremely proud of our perennial recognition as a “Best Place to Work” employer – a designation bestowed on our company by our employees. We have a unique […]
Read more