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April 23, 2014

Tip of the Week: IRS Releases 2015 Inflation Adjustments for Health Savings Accounts

IRS Releases 2015 Inflation Adjustments for Health Savings Accounts

IRS Releases 2015 Inflation Adjustments for Health Savings Accounts

The Internal Revenue Service recently released Rev. Proc. 2014-30 which contained the 2015 inflation adjusted amounts for Health Savings Accounts or HSAs.

Deductions Limitation Set to Increase

The annual limitation on deductions will increase from $3,300 in 2014 to $3,350 in 2015 for those with self-only coverage. Those with family coverage will have the deduction limitation increase from $6,550 to $6,650.

High-Deductible Health Plan Minimum Deductibles to Increase

The minimum deductibles of a high deductible health plan will increase from a minimum deductible of $1,250 in 2014 to $1,300 in 2015 for self-only coverage, and from $2,500 in 2014 to $2,600 in 2015 for family coverage.

Annual Out-of-Pocket Limitation to Increase

The annual out-of-pocket limitation for 2015 will also increase from $6,350 in 2014 to $6,450 for those with self-only coverage; the out-of-pocket limitation for family coverage will increase from $12,700 in 2014 to $12,900 in 2015.

Contact Vision Payroll Today

Contact Vision Payroll if you have any questions on the updated 2015 inflation adjusted amounts for HSAs in Rev. Proc. 2014-30 or visit our Important Facts and Figures page for further information.

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