Compliance Alert: 2015 Inflation Adjusted Amounts for HSAs

The IRS released the inflation adjustments for health savings accounts (HSAs) and their accompanying high deductible health plans (HDHPs) effective for calenCompliance Alert Image 592x247dar year 2015.* All limits were adjusted from the 2014 amounts. (Rev. Proc. 2014-30, April 23, 2014, http://www.irs.gov/pub/irs-drop/rp-14-30.pdf).

Annual contribution limitation

For calendar year 2015, the limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,350. For calendar year 2015, the limitation on deductions for an individual with family coverage under a high deductible health plan is $6,650.

High deductible health plan

For calendar year 2015, a “high deductible health plan” is defined as a health plan with an annual deductible that is not less than $1,300 for self-only coverage or $2,600 for family coverage, and the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,450 for self-only coverage or $12,900 for family coverage.

Non-calendar year plans: In cases where the HDHP renewal date is after the beginning of the calendar year (i.e., a fiscal year HDHP), any required changes to the annual deductible or out-of-pocket maximum may be implemented as of the next renewal date. See IRS Notice 2004-50, 2004-33 I.R.B. 196, Q/A-86 (Aug.16, 2004).

Catch-up contribution

Individuals who are age 55 or older and covered by a qualified high deductible health plan may make additional catch-up contributions each year until they enroll in Medicare. The additional contribution, as outlined by the statute, is $1,000 for 2009 and thereafter.

 

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* “Calendar year 2015” refers to January 1, 2015 – December 31, 2015 for all plans.

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