On May 21, 2020, the Internal Revenue Services (IRS) announced that Health Savings Account (HSA) contribution limits are going up ($50 for self-only & $100 for family) in 2021. The announcement was provided to give employers who sponsor high-deductible plans (HDHPs) time to ramp-up and prepare for open enrollment season later in the year.
HSA contribution limits will increase about 1.5 percent from this year at $3,500 for self-only and $7,200 for family, respectively.
Click to view (or download) chart, below:
HRWS HSA & High-Deductible Health Plans (Chart)
About HRWS
HR Workplace Services, Inc. (HRWS) partners with the nation’s top insurance brokers and agencies providing their clients with best-in-class services for support and HR concerns, compliance and technology. HRWS operates in all 50 States and in over 25 different countries, serving organizations from three to 200,000 employees in 545 SIC Codes.
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The information contained in this document is intended for educational purposes and to provide a general understanding of regulatory events, legislative changes and the law – not to provide specific legal advice.