2015 Health Savings Account Limits Announced

August 5, 2014

The IRS has provided the annual inflation-adjusted contribution, deductible and out-of-pocket expense limits for 2015 for health savings accounts.

The following limitations on contributions for calendar year 2015 were announced in Revenue Procedure 2014-30:

• $3,350 for an individual with self-only coverage
• $6,650 for an individual with family coverage under a high-deductible health plan

Each of these amounts is increased by $1,000 if the eligible individual is age 55 or older.

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

Eligible individuals may make deductible contributions to a health savings account, subject to statutory limits. Employers as well as other persons, including family members, also may contribute on behalf of an eligible individual. Employer contributions generally are treated as employer-provided coverage for medical expenses under an accident or health plan and are excludable from income.

In general, a person is an eligible individual if he is covered under a high-deductible health plan and is not covered under any other health plan that is not a high-deductible plan – unless the other coverage is permitted insurance, such as for worker’s compensation, a specified disease or illness, or insurance providing a fixed payment for hospitalization.