HDHP and HSA Limits Announced for 2021
On May 20, 2020, the IRS released the following 2021 limits for High Deductible Health Plans (HDHPs) and Health Savings Accounts (HSAs). 2021 HSA Contribution Limits: • Self-Only: $3,600 • Family: $7,200 2021 HDHP Minimum Deductible: • Self-Only: $1,400 • Family: $2,800 2021 HDHP Maximum Out-of-Pocket Expenses: • Self-Only: $7,000 • Family: $14,000 These rates will be effective for the...
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HSA-Compatible Plans Can Offer No-Deductible COVID-19 Care: IRS
Due to the unprecedented public health emergency posed by COVID-19, and the need to eliminate potential administrative and financial barriers to testing for and treatment of COVID-19, a health plan that otherwise satisfies the requirements to be an HDHP under section 223(c)(2)(A) will not fail to be an HDHP merely because the health plan provides medical...
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Voluntary Benefits: Is Health Insurance Enough?
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Health Savings Account: A Misnomer
A Health Savings Account (HSA) vendor analyzed how its members spent funds in their accounts and found 93% of the money was spent on regular copays and medical bills. The problem with the high deductible health plan (HDHP) + HSA premise is thus: premiums are affordable for HDHPs because of the high deductible. When an employee is paying $500-$600/month in...
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