IRS Releases High Deductible Health Plan Limits For 2015

The IRS has just released their new 2015 Health Savings Accounts (HSA) and High Deductible Health Plan (HDHP) contribution guidelines for 2015. The contribution limits are up slightly for next year and are updated annually to reflect cost of living adjustments.

Below are the new 2015 HSA Contribution Limits announced by the Internal Revenue Service

For calendar year 2015, the annual HSA contribution limits are:

Individuals – $3,350 (up $50 from 2014)

Family coverage – $6,650 (up $100 from 2014)

High Deductible Health Plan Minimum Required Deductibles

$1,300 for individual coverage (up $50 from 2014)

$2,600 for family coverage (up $100 from 2014)

Out-of-Pocket Maximums

The maximum annual out-of-pocket expenses include deductibles and co-payments, but not your premiums. For calendar year 2015, the maximum out-of-pocket levels are:

$6,450 for individual coverage (up $100 from 2014)

$12,900 for family coverage (up $200 from 2014)

HSA’s are growing in popularity each year due to the fact that contributions to your health savings accounts are tax-deductible and withdrawals for qualified medical reimbursements are tax-free.  However,  there is a 20% penalty for unqualified withdrawals or distributions.

To learn more about how HSA’s work and what you need to know, go here: The Advantages of Health Savings Accounts