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OCTOBER 2014

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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 employee and must be paired with a qualified high-deductible health plan (HDHP).

Generally, anyone who participates in an HDHP can make HSA contributions for the tax year 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)

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)

*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.

View a copy of Revenue Procedure 2014-30.

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ADPIA services mid and large size clients with various insurance products and services through its other business groups.

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This information is general and not intended as tax or legal advice. If you have questions on how this may apply to your specific situation, please consult your tax or legal advisor.
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