What is the limit for high deductible plan HSA?

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IRS HSA limits for high deductible plans

When considering setting up a Health Savings Account (HSA), one of the key factors to understand is the limit for a high deductible plan HSA. The IRS sets limits each year on how much individuals can contribute to their HSAs when they are enrolled in a high deductible health plan.

When you're thinking about setting up a Health Savings Account (HSA), it's vital to grasp the contribution limits associated with a high deductible health plan. The IRS annually establishes these limits to guide individuals enrolled in such plans.

2021 contribution amounts and catch-up eligibility

For 2021, the limit for an individual with self-only coverage under a high deductible plan HSA is $3,600. For individuals with family coverage, the limit is $7,200.

It's important to note that these limits include both employer and employee contributions combined. If you are 55 or older, you are also eligible to make catch-up contributions of an additional $1,000 per year. These limits are subject to change each year, so it's essential to stay informed about any updates from the IRS regarding HSA contribution limits.