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CBIA's Health Savings Account (HSA) Progam
If you are covered by one of our HSA compatible health plans, then a tax-advantaged Health Savings Account may be for you. Health Savings Accounts (HSAs) help pay for your medical care and allow you to build up savings to pay for future medical expenses.
2020/2021 Deductibles and Maximum Contribution Levels for Health Savings Accounts
The Treasury Dept. and IRS have issued guidance on the minimum and maximum contribution levels for Health Savings Accounts (HSAs) and out-of-pocket spending limits for high deductible Health Plans (HDHPs) that must be used in conjunction with HSAs. These amounts have been indexed for cost-of-living adjustments.
|
Minimum Deductible |
Maximum Contribution |
Out of Pocket Max |
|---|---|---|---|
Single |
$1,400 (2021) $1,400 (2020) |
$3,600 (2021) $3,550 (2020) |
$7,000 (2021) $6,900 (2020) |
Family |
$2,800 (2021) $2,800 (2020) |
$7,200 (2021) $7,100 (2020) |
$14,000 (2021) $13,800 (2020) |
Out-of-pocket expenses include deductibles, co-payments, and other amounts, but not premiums.
Important note: Expenses incurred for over-the-counter medicines, with the exception of insulin, are not eligible for reimbursement under a health FSA, HRA or HSA without a prescription. The penalty for using HSA funds for ineligible expenses is 20% of the HSA distribution.
