The Internal Revenue Service (IRS) has released the 2015 inflation-adjusted deduction limitations for annual contributions to a Health Savings Account (HSA) which are updated annually to reflect cost-of-living adjustments.
In Revenue Procedure 2014-30, the IRS said that for calendar year 2015, the annual limitation deductions for an individual is:
- $3,350 – self-only coverage under a high-deductible health plan.
- $6,650 – family coverage under a high-deductible health plan.
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 (including deductibles, co-payments and other amounts, but not premiums) do not exceed $6,450 for self-only coverage or $12,900 for family coverage.
Resources
- Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans
- Form 8889, Health Savings Accounts
