IRS Releases 2021 Benefit Plan Limits and Thresholds
The IRS has just released the 2021 benefit plan limits and thresholds. Some items included in this release were announced earlier this year, including an increase to the annual HSA maximum contributions and a $50 increase to the rollover allowance for Healthcare FSA plans.
One notable change is a slight increase to the out-of-pocket maximum amounts allowed for High Deductible Health Plans. However, unlike in recent years, the FSA and Commuter benefit contributions maximums will not be changing for 2021.
Here’s a look at some of the other important limits:
The lack of changes puts employers in the position to focus on HSA and FSA education and selling the benefits of these tax savings vehicles to employees. If you have questions about this update or need expert help, contact our team.
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