Myers, senior counsel at law firm Proskauer in Washington, D.C. "Employers should consider these limits when planning for the benefit plan year and review plan communications to ensure that the appropriate limits are reflected," advised Damian A.
#Irs hsa eligible expenses 2021 update#
"Plan sponsors should update payroll and plan administration systems for the 2021 cost-of-living adjustments and should incorporate the new limits in relevant participant communications, such as open enrollment and communication materials, plan documents, and summary plan descriptions," advised Jacob Mattinson and Judith Wethall, partners in the Chicago office of law firm McDermott Will & Emery. "While some may view the increases as modest, every dollar matters right now for consumers when it comes to saving," he added. "The IRS contribution-limit increases are in line and similar to prior year increases, despite the COVID-19 environment," said Harrison Stone, general counsel at HSA services firm ConnectYourCare. HDHP maximum out-of-pocket amounts (deductibles, co-payments and other amounts, but not premiums) HSA catch-up contributions (age 55 or older) HSA contribution limit (employer + employee) Revenue Procedure 2020-32, the IRS confirmed HSA contribution limits effective for calendar year 2021, along with minimum deductible and maximum out-of-pocket expenses for the HDHPs with which HSAs are paired.įor Health Savings Accounts and High-Deductible Health Plans
That's about a 1.5 percent increase from this year. The annual limit on HSA contributions will be $3,600 for self-only and $7,200 for family coverage. Health savings account (HSA) contribution limits for 2021 are going up $50 for self-only coverage and $100 for family coverage, the IRS announced May 21, 2020, giving employers that sponsor high-deductible health plans (HDHPs) plenty of time to prepare for open enrollment season later this year. IRS Announces Spike in 2023 Limits for HSAs and High-Deductible Health Plans. On April 29, 2022, the IRS announced HSA contribution limits for 2023. IRS Announces 2022 Limits for HSAs and High-Deductible Health Plans. On May 10, 2021, the IRS announced health savings account (HSA) contribution limits for 2022.
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