Health Savings Account - HSA 2013 Rules & Requirements

Written by: PeopleKeep Team
Originally published on May 3, 2012. Last updated May 14, 2015.

The IRS recently announced the health savings account rules and requirements for 2013.

The HSA contribution limits and out-of-pocket maximums have been increased. Also, the minimum required deductibles have savings account 2013

2013 HSA Contribution Limits

  • Individuals (self-only coverage) - $3,250 (up $150 from 2012)
  • Family coverage - $6,450 (up $200 from 2012)

HDHP minimum required deductibles

  • $1,250 for self-only coverage
  • $2,500 for family coverage

Out-of-pocket maximum

(Out-of-pocket expenses include deductibles, co-payments, and other amounts, but not premiums)

  • $6,250 for self-only coverage
  • $12,500 for family coverage

If you use an HSA to pay for unqualified medical expenses, the tax penalty is 20 percent of the HSA distribution.

Background on Health Savings Accounts

A Health Savings Account, or HSA, is a financial account established by an individual or family to pay for qualified medical expenses.

U.S. federal regulations require citizens to have a minimum deductible on their health insurance from all sources in order to make tax-deductible contributions to their Health Savings Account.

HSAs combine the benefits of both traditional and Roth 401(k)s and IRAs for medical expenses. Taxpayers receive a 100% income tax deduction on annual contributions, they may withdraw HSA funds tax-free to reimburse themselves for qualified medical expenses, and they may defer taking such reimbursements indefinitely without penalties.

HSAs are unique—“IRAs on Steroids”—with triple tax advantages:

  1. Tax-deductible contributions,
  2. Tax-free accumulation of interest and dividends tax-free, and
  3. Tax-free distributions for qualified medical expenses.

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Originally published on May 3, 2012. Last updated May 14, 2015.


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