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HEALTH SAVINGS ACCOUNT CONTRIBUTION INFO

The IRS has released the health savings accounts (HSA) annual contribution limits and the minimum deductible amounts and maximum out of pocket amounts for high deductible health plan for 2015. The deductions limitations are updated annually to reflect cost of living adjustments. The contribution limits for singles with a high deductible health plan increase $50 to $3350 for 2015. Individuals with family coverage under a high deductible health plan increase $100 to $6650 for 2015. Individuals who participate in a high deductible health plan are permitted to deduct contributions to a HSA up to the limits. These contributions can then be used to pay the individual’s medical expenses as outline in the IRS medical regulations. For 2015 a high deductible health plan has an annual deductible of no less than $1,300 for self only coverage and $2,600 for family coverage with a maximum out of pocket medical expenses, including deductibles, co-payments and other amounts, but excluding health insurance premiums of $6450 for self only coverage and $12,900 for family coverage.

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