The IRS released the inflation adjustments for health savings accounts (HSAs) and their accompanying high deductible health plans (HDHPs) effective for calendar 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).
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.
* “Calendar year 2015” refers to January 1, 2015 – December 31, 2015 for all plans.