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Small Business Employee Benefits and HR Blog

Health Savings Account - HSA 2015 Rules & Requirements

The IRS recently announced the health savings account (HSA) rules and requirements for 2015. The HSA 2015 contribution limits, minimum required HDHP deductibles, and out-of-pocket maximums have been increased from 2014. HSA Rules 2015

2015 HSA Contribution Limits

For calendar year 2015, the annual HSA contribution limits are:

  • Individuals (self-only coverage) - $3,350 (up $50 from 2014)

  • Family coverage - $6,650 (up $100 from 2014)

HDHP Minimum Required Deductibles

For calendar year 2015, the High Deductible Health Plan (HDHP) required deductibles for an HSA are:

  • $1,300 for self-only coverage (up $50 from 2014)

  • $2,600 for family coverage (up $100 from 2014)

Out-of-pocket Maximum

The annual out-of-pocket expenses include deductibles, co-payments, and other amounts, but not premiums. For calendar year 2015, the out-of-pocket maximums are:

  • $6,450 for self-only coverage (up $100 from 2014)

  • $12,900 for family coverage (up $200 from 2014)

If you use an HSA to pay for unqualified medical expenses, the tax penalty is 20% 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 Accounts (HSA).

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.

The 2015 HSA rules and regulations were released by the IRS in Revenue Procedure 2014-30.

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