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Jeffrey Schriner

Financial Advisor

 

Abound Investment Services

Located at Abound Credit Union

1650 Ring Road, Elizabethtown, KY 42701

 

Phone:  270-765-8659

Cell:      502-376-0383

 

 

Email: jeffrey.schriner@cunamutual.com

Website: AboundCU.com

Spring 2021

New Limits for HSAs

New Limits for HSAs

Covered by a high-deductible health plan (HDHP)? That makes you eligible to contribute to a health savings account (HSA). An HSA allows you to set aside money in a tax-advantaged account to pay current and future qualified medical expenses. For 2021, the annual HSA contribution limit is $3,600 for individuals with self-only HDHP coverage and $7,200 for individuals with family HDHP coverage. If you’re age 55 or older, you can make an additional $1,000 catch-up contribution.


HDHP Defined
The IRS currently defines an HDHP as a health plan having a minimum deductible for 2021 of $1,400 for self-only coverage and $2,800 for family coverage. Limits on out-of-pocket expenses (including deductibles, copayments, and coinsurance, but not premiums) are $7,000 for self-only HDHP coverage and $14,000 for family HDHP coverage.


Reap the Tax Benefits
If you have health insurance through your employer, your HSA contributions typically are made through pretax payroll deduction. Any earnings generally are free from taxes as well.* And the money in your account can be withdrawn tax free at any time as long as it’s used to pay qualified medical expenses. As health-care costs continue to rise, maximizing your contributions to an HSA makes good sense.


*Some states tax earnings.

CBSI-3425538.1-0121-0223


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