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The IRS Raises Contribution Limits for Health Savings Accounts in 2015

By April 28, 2014 February 19th, 2015 No Comments

On April 23, 2014, the Internal Revenue Service (IRS) issued Revenue Procedure 2014-30, which increases limits for 2015 on contributions to health savings accounts (HSAs) and for out-of-pocket spending under high-deductible health plans (HDHPs). These new limits are effective for calendar year 2015, and reflect a cost-of-living adjustment and rounding rules under Internal Revenue Code Section 223.

The following reference chart outlines the increases for 2015:

Contribution and Out-of-Pocket Limits for Health Savings Accounts

and for High-Deductible Health Plans

For 2015 For 2014 Change
HSA contribution limit (employer + employee) Individual:
$3,350Family:
$6,650
Individual:
$3,300Family:
$6,550
Individual:
+$50Family:
+100
HSA catch-up contributions (age 55 or older)* $1,000 $1,000 No change**
HDHP minimum deductibles Individual:
$1,300Family:
$2,600
Individual:
$1,250Family:
$2,500
Individual:
+$50Family:
+100
HDHP maximum out-of-pocket amounts (deductibles, co-payments and other amounts, but not premiums) Individual:
$6,450Family:
$12,900
Individual:
$6,350Family:
$12,700
Individual:
+$100Family:
+$200

*
Catch-up contributions can be made any time during the year in which the HSA participant turns 55.
** Unlike other limits, the HSA catch-up contribution amount is not indexed; any increase would require statutory change.

Chart Source: http://www.shrm.org/hrdisciplines/benefits/Articles/Pages/2015-HSA-Limits.aspx .