Tag: Contribution Limits

IRS sets 2016 Health Savings Account contribution limits

Editor note: This article was originally published on May 5, 2015 by Business Insurance and can be found here.

The maximum contributions that can be made to health savings accounts in 2016 will increase $100 for families, but remain unchanged for individuals.

The Internal Revenue Service announced Monday that the maximum contribution that can be made next year to an HSA linked to a high-deductible plan will be $6,750 for employees with family coverage, up from $6,650, while the maximum contribution for those with single coverage will remain at $3,350.

However, maximum out-of-pocket expenses will increase in 2016 for both categories.

Maximum out-of-pocket employee expense, including deductibles, will rise $100 next year to $6,550 for single coverage, and increase $200 next year to $13,100 for family coverage.

For 2016, a high-deductible health plan is defined as a one with an annual deductible of least $1,300 for self-only coverage and $2,600 for family coverage.

Increases in the HSA limits, which are detailed in Revenue Procedure 2015-30, are tied to changes in the cost of living.

Learn more about Health Savings Accounts.

Reminder: 2015 Health Savings Account Contribution Limits

The IRS has released its Health Savings Account (HSA) contribution limits for 2015.

For individuals, the 2015 limit will be $3,350 (it’s $3,300 in 2014) and for families the 2015 limit will be $6,650 (it’s $6,550 in 2014). Individuals 55 and over may contribute $1,000 more as a “catch up” contribution.

Learn more about Health Savings Accounts.

IRS Announces 2015 HSA Limits

The Internal Revenue Service has announced that maximum contributions to Health Savings Accounts (HSAs) will increase slightly next year.

The maximum 2015 HSA contribution will be $3,350 for individuals, up from $3,300 this year. The maximum contribution for those with family coverage will be $6,650, up from $6,550. HSA contribution limits are updated annually to reflect cost-of-living adjustments.

The annual limitation on deductions for an individual with family coverage under a high-deductible health plan will be $6,650 for 2015.

The maximum out-of-pocket employee expense will increase next year to $6,450 for single coverage (up from $6,350), and to $12,900 for family coverage (up from $12,700).

The increases are detailed in Revenue Procedure 2014-30, and take effect in January 2015.

For more information, contact us or phone 800.617.4729.

For HSA Accountholders – Important Contribution Reminders

By maximizing your 2013 HSA contributions ($3,250 for individual coverage and $6,450 for family coverage), you’ll reduce your taxes and increase savings for healthcare or retirement expenses. You have until April 15, 2014 to contribute to your HSA account and claim those contributions for tax year 2013. Also remember that your 2013 HSA tax-related forms will be available to you when you access your account online in January 2014. We’ll send a reminder about this after January 1, 2014.

There are even greater opportunities to save next year. The IRS approved HSA contribution limits are $3,300 for individual coverage and $6,550 for family coverage in 2014. Individuals age 55 and over may continue to contribute $1,000 more as a “catch up” contribution.