There’s some important news regarding Health Savings Account (HSA) contribution limits! On April 23, 2014, the IRS increased the limits for HSAs for the calendar year 2015. These increases include:
- Annual contribution limits for single & family coverage
- Minimum annual deductibles for High Deductible Health Plan coverage (HDHP)
- Maximum limits for out-of-pocket expenses for HDHP coverage
New HSA Contribution Limits
For the calendar year 2015, the HSA contribution limits are as follows:
- $3,350 (up from $3,300) for individuals with self-only coverage under an HDHP
- $6,650 (up from $6,550) for individuals with family coverage un an HDHP
New HDHP Minimum Deductibles
For the calendar year 2015, the HDHP minimum annual deductibles are as follows:
- $1,300 (up from $1,250) for self-only coverage under an HDHP
- $2,600 (up from $2,500) for family coverage under an HDHP
New HDHP Out-of-Pocket Expense Limits
For the calendar year 2015, the HDHP expense limits are as follows:
- $6,450 (up from $6,350) maximum out-of-pocket expenses for self-only coverage (including copays, deductibles, and other amounts, but not premiums)
- $12,900 (up from $12,700) maximum out-of-pocket expenses for family coverage
** For a copy of IRS Revenue Procedure 2014-30, see www.irs.gov/pub/irs-drop/rp-14-30.pdf.
For any other questions regarding health insurance for 2015, ERM Insurance Brokers in Irvine, California is standing by!
Call (949) 222-0444 to speak with an expert.