IRS Releases Health Savings Account Annual Contribution Limit for 2015
The IRS has released Rev. Proc. 2014-30 procedure it provides the 2015 inflation adjusted amounts for Health Savings Accounts (HSAs) as determined under § 223 of the Internal Revenue Code. This revenue procedure is effective for calendar year 2015.
Annual contribution limitation.
For calendar year 2015, the annual limitation on deductions under § 223(b)(2)(A) for an individual with self-only coverage under a high deductible health plan is $3,350 (2014 contribution limit is $3,300). For calendar year 2015, the annual limitation on deductions under § 223(b)(2)(B) for an individual with family coverage under a high deductible health plan is $6,650 (2014 contribution limit $6550).
High deductible health plan.
For calendar year 2015, a “high deductible health plan” is defined under § 223(c)(2)(A) 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.
For more information please visit this IRS webpage to read Publication 969, it has not been updated with 2015 contribution limitations but contains useful information about HSA’s and High Deductible Health Care Plans.