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.

  • Health Care FSA/Limited Purpose FSA
    Employees can contribute up to $2,750 per year to their account, regardless of whether you have family members who benefit from the funds in 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.

If you have any questions, please feel free to reach out to us via live-chat, email to support@twic.ai, or call us at 844-902-2902.

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