Here are the contribution limits of each tax-advantaged account in 2021,
Health Saving Accounts
Employees can contribute up to $3,600 if they have self-only coverage and $7,200 if they have family coverage. Previously in 2020, it was $3,550 for self-only and $7,100 for family coverage.
The maximum out-of-pocket has been capped at $7,000 for self-only HSA, and $14,000 for family coverage HSA.
Remember, if you are age 55 or older, you can contribute an additional catch-up contribution of $1,000 per year. If your spouse is also 55 or older, he or she may establish a separate HSA and make a “catch-up” contribution to that account.
Dependent Care FSA
You may contribute up to $5,000 per year if you are married and filing a joint return, or if you are a single parent. If you are married and filing separately, you may contribute up to $2,500 per year per parent.
Commuter Benefits Accounts
- $270 per month for transit expenses
- $270 per month for parking expenses