In late June, the Internal Revenue Service issued Revenue Procedure 2020-32, in which they set Health Savings Account contribution limits for calendar year 2021, along with minimum deductible and maximum out-of-pocket expenses for the High Deductible Health Plans, with which HSAs are paired.
For HSA family plans, the contribution limit increased by $100 over 2020 limits, while the contribution limit for single-person plans increased by $50.
Meanwhile, the IRS also announced the maximum out-of-pocket expenses for HDHP, which includes deductibles, co-pay and other items, but now premiums are going up as well. In 2021, the maximum out-of-pocket expenses for families increases by $200 over the previous year, while the individual plan will increase by $100.
See the table below for a full comparison:
Contribution and Out-of-Pocket Limits
for Health Savings Accounts and High-Deductible Health Plans
|HSA contribution limit (employer + employee)||Self-only: $3,550
|HSA catch-up contributions (age 55 or older)||$1,000||$1,000||No change|
|HDHP minimum deductibles||Self-only: $1,400
|HDHP maximum out-of-pocket amounts (deductibles, co-payments and other amounts, but not premiums)||Self-only: $6,900
Source: IRS, Revenue Procedure 2020-32.