Contribution limits are outlined below. Additionally, a “catch-up” contribution is available for eligible individuals who are 55 or older by the end of the taxable year and have not enrolled in Medicare.
Tax Year |
Maximum Annual Contribution - Standard |
|
|
Additional Catch-Up Contribution for Owners Age 55 or Older |
Deadline to Fund |
|
Self-Only |
Family |
|
|
|
2020 |
$3,550 |
$7,100 |
|
$1,000 |
April 15, 2021 |
2021 |
$3,600 |
$7,200 |
|
$1,000 |
April 15, 2022
|
Distributions
Withdrawals from an HSA are tax-free and penalty-free at any age if used for qualified medical expenses for yourself, your spouse or other dependents.
High Deductible Health Plan (HDHP)
The IRS sets annual requirements for the minimum deductible and maximum out-of-pocket expenses for HSA-compatible health plans. You can take a full federal deduction if you start your HDHP coverage no later than December 1st of that year. Please verify with your healthcare provider that your plan is compatible.
|
|
HDHP Annual Deductible |
|
Maximum Out-of-Pocket Expenses |
|
Tax Year |
|
Self-Only Coverage |
Family Coverage |
Self-Only Coverage |
Family Coverage |
2020 |
|
$1,400 |
$2,800 |
$6,900 |
$13,800 |
2021 |
|
$1,400 |
$2,800 |
$7,000 |
$14,000 |