Sentinel Group's offices will be closed in observance of the Christmas holiday beginning on Wednesday, December 24th through Friday, December 26th. Please note that the stock market will be open until 1:00 PM ET on December 24th and normal hours on December 26th. Any transfers and exchanges will be processed as usual on those days. We appreciate your understanding and wish you happy holidays!
The IRS has released Revenue Procedure 2020-32, which provides information on the limits for Health Savings Accounts (HSAs) for 2021. The annual contribution limitation on deductions for individuals with self-only coverage under a high deductible health plan will be $3,600 (up from $3,550 in 2020). The deduction limitation for an individual with family coverage will be $7,200 (up from $7,100 in 2020).
Minimum Deductible for HDHP:
In order for a health insurance plan to be considered a “High Deductible Health Plan” for 2021, the deductible must be at least $1,400 for self-only coverage and $2,800 for family coverage (no change from 2020).
Maximum Out-of-Pocket:
For 2021, out-of-pocket expenses may not exceed $7,000 for self-only coverage and $14,000 for family coverage (up from $6,900 and $13,800 in 2020, respectively).
These changes will go into effect for calendar year 2021. Please note that these limits are subject to change.
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