HSA News: 2021 edition

Our good friends at FlexBank/Navia sent along this helpful info for 2021 planning (hey, a head start can't hurt):
The IRS just announced the 2021 maximum HSA contribution limits:
Single Coverage  $3,600
Family Coverage  $7,200

By the way, those represent an increase of $50 over 2020 for singles, $100 for families. Not a fortune, to be sure, but something.

As usual, there's a 'Catch Up' provision for folks 55 and up: $1,000 per. In case you're wondering, that stayed the same from this year.

Oh! I thought this was interesting:
Special Rule” for Married Individuals

Married individuals (same and/or opposite sex) who are both HSA-eligible individuals may divide their annual HSA contribution limit in any way they want, including allocating nothing to one spouse.

Details here.

Cool beans!
Original content copyright © InsureBlog

Comments

Post a Comment

Popular posts from this blog

More CV-19 Alphabet Soup

Image
From our good friends at FlexBank/Navia , two new items: First up, ' Claims Run-out Deadline Extended for COVID-19 FSAs & HRAs .' At the end of last month, The Feds (Departments of Labor, Revenue, and Treasury) issued guidelines relaxing the benefit extensions for ' certain group health plans ' during this meshugas . These include disregarding the 'Outbreak Period,' that is, The Feds 'r ecognized that participants may find it difficult to comply with certain pre-established timeframes .' Paging Captain Obvious. To that end, the ' date within which participants must file a claim under your tax-free FSA or HRA plan's claims procedures has been extended to 60 days after the end of the Outbreak Period. ' Note that folks still have to incur eligible expanses in order to be reimbursed, just that there's now some flexibility in the timing of those reimbursements. Click here for more details on that. Next up, ' COBRA Timeframe Extension...
Read more

Can I Have Medicare and an HSA?

Image
Is it OK to have an HSA plus Medicare? Can I still make contributions once I enroll in Medicare? How about my younger spouse? What else do I need to know? When you enroll in Medicare Part A or B, you can no longer contribute to your Health Savings Account. When your Medicare begins, your account administrator should change your contribution to your HSA to zero. If you have a spouse who also has an HSA, money can be deposited for him or her. A Health Savings Account is a bank account, not insurance. HSA's have a single owner. Joint ownership is not an option. You may continue to withdraw money from your HSA after you enroll in Medicare to help pay for medical expenses, such as deductibles, (some) premiums, copayments, and coinsurances. If you use the account for qualified medical expenses, its funds will continue to be tax-free. If you sign up for Part A after turning 65, Medicare will automatically backdate your Part A effective date by up to 6 months . If you enroll in July, yo...
Read more

When Low Premium Isn't a Good Idea

Image
No one likes paying too much, especially for insurance. Seems like everyone is constantly shopping for the best rates. Nothing wrong with that. I always tell folks when you pay more you don't get more, you simply paid too much. But it is also possible to pay too little for insurance. When you do, more often than not it comes back to bite you. More often than not consumers would be wise to pay a few dollars more and get a plan without so many 'gotcha's'. PayingTooMuchForInsurance Original content copyright © InsureBlog
Read more