HSA Fast Facts

Health Savings Account Contribution Limits

IRS Requirements for 2021
* If a spouse is also 55 or older, a second HSA must be established and a second contribution of $1,000 could be made to that account.
  Single Plan Family Plan
Minimum Deductible $1,400 $2,800
Maximum Out-of-Pocket $7,000 $14,000
Contribution Limit $3,600 $7,200
Catch-Up Contribution
(55 or older)*
$1,000 $1,000
 
IRS Requirements for 2020
* If a spouse is also 55 or older, a second HSA must be established and a second contribution of $1,000 could be made to that account.
  Single Plan Family Plan
Minimum Deductible $1,400 $2,800
Maximum Out-of-Pocket $6,900 $13,800
Contribution Limit $3,550 $7,100
Catch-Up Contribution
(55 or older)*
$1,000 $1,000

HSA plans were introduced by Congress on January 1, 2004

An HSA is a savings account that is paired with a qualified High-Deductible Health Plan to cover eligible medical expenses not covered by the health plan.

Effective 1/1/2021, a High-Deductible Health Plan (HDHP) satisfies certain requirements with respect to deductibles and out-of-pocket expenses.  A qualified HDHP must have: a minimum annual self-only coverage deductible of $1,400 and a maximum self-only coverage out-of-pocket should be $7,000, or a minimum annual family coverage deductible of $2,800 and a maximum annual family coverage out-of-pocket of $14,000.

No amounts are payable from a HDHP until the family has incurred annual covered medical expenses in excess of the minimum annual deductible.

An individual is ineligible for an HSA if they are also covered by another health plan (individual, spouse, dependent) that is not an HDHP.

HSAs use pre-tax dollars.

HSA funds can grow tax-free in a variety of investment vehicles: Passbook savings, mutual funds, or stocks.

 
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Phone: (800) 558-8003
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Email: CustomerService@CalChoice.com

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Phone: (800) 542-4218
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SUPPORT
Address

721 South Parker, Suite 200
Orange, CA 92868

Office Hours

Monday - Friday 8:00 am to 5:00 pm PT

Customer Service

Phone: (800) 558-8003
Fax: (714) 558-8000
Email: CustomerService@CalChoice.com

Sales

Phone: (800) 542-4218
Fax: (800) 500-9088
Email: Sales@CalChoice.com

Department of Insurance License

#0B42994