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Joe Diamond, CPA, CFP®, EA, MST

 

Diamond Financial Corporation

4256 North Arlington Heights Road, Suite 204

Arlington Heights, IL 60004

 

Phone: 847-884-8500 

 

Email: customerservice@diamondfinancial.com

Website: www.diamondfinancial.com

March/April 2021

New Limits for HSAs

New Limits for HSAs

Do you have a high-deductible health plan (HDHP)? That makes you eligible to contribute to a health savings account (HSA).


HSAs are triple tax-advantaged with tax-deferred contributions, tax-free potential earnings and tax-free withdrawals for qualified medical expenses, and you can roll over any balance to the next year.


Increased Limits and Coverage
For 2021, the annual HSA contribution limit is $3,600 for individuals with self-only HDHP coverage and $7,200 for individuals with family HDHP coverage. If you’re age 55 or older, you can make an additional $1,000 catch-up contribution.


HDHPs now cover remote health care services and costs of COVID-19 related testing and treatment before the annual deductible is met. HSAs now cover menstrual care products and over-the counter products and medications.


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Advisory Services offered through Diamond Financial Corporation, Registered Investment Advisor. Custodial Services provided by TD Ameritrade. Member FINRA/SIPC/MSRB.
Tax Preparation provided by Diamond Financial Corporation.
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