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Tuesday, May 13, 2014

HSA Contribution Limits

IRS Releases 2015 HSA Limits
On April 23, 2014, the Internal Revenue Service (IRS) via Revenue Procedure 2014-30, released inflation-adjusted health savings account (HSA) contributions and high-deductible health plan (HDHP) limitations for calendar year 2015.  These limits are indexed for inflation and released annually by June 1 for the following year, as established under the Tax Relief and Health Care Act of 2006.

An HSA is a tax-advantaged savings account that belongs to the person who establishes it and must be paired with a qualified high-deductible health plan (HDHP).

Anyone who participates in an HDHP can make HSA contributions for the tax year generally through April 15 of the following year – and in some instances, other parties including employers also make a contribution on behalf of each employee who is participating in an HDHP.

The 2015 limits are as follows:

2015 Annual HSA Contribution Limits:
Self-only HDHP coverage: $3,350* (up $50 from 2014)
Family HDHP coverage: $6,650* (up $100 from 2014)

*However, an individual who has reached the age of 55 by the end of the calendar year may contribute an additional $1,000 per year.

2015 Annual HDHP Minimum Deductibles:
Self-only coverage: $1,300 (up $50 from 2014)
Family coverage: $2,600 (up $100 from 2014)

2015 HDHP Out-of-Pocket Limits: (includes deductibles, copayments and other amounts, but not premiums)
Self-only coverage: $6,450 (up $100 from 2014)
Family coverage: $12,900 (up $200 from 2014)

For a copy of Revenue Procedure 2014-30, please click on the link provided below.

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