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April 25, 2014

2015 Minimums and Maximums for Health Savings Accounts and High-Deductible Health Plans

The Internal Revenue Service (IRS) has released Revenue Procedure 2014-30,* which announces inflation-adjusted amounts for 2015 for the maximum annual contribution to Health Savings Accounts (HSAs) and the maximum out-of-pocket expense for High-Deductible Health Plans (HDHPs) for individual and family coverage. The IRS calculates the annual adjustments using the 12-month period ending March 31.

The 2015 numbers are shown in the table below.

    
2015 Minimums and Maximums for HSAs* and HDHPs
 
Individual Coverage

  Family Coverage
Maximum Annual    
HSA Contribution**
$3,350

(up $50 from
$3,300 for 2014)
$6,650
 
(up $100 from
$6,550 for 2014)
Minimum HDHP Deductible $1,300

(up $50 from
$1,250 for 2014)
$2,600
 
(up $100 from
$2,500 for 2014)
Maximum HDHP Out-of-Pocket Expense*** $6,450

(up $100 from
$6,350 for 2014)
$12,900
 
(up $200 from
$12,700 for 2014)

  * HSAs, established by the Medicare Modernization Act (MMA) as of January 1, 2004, allow individuals or employers to contribute to an HSA as long as the individual is covered under an HDHP. (For more information about HSAs, refer to various publications available on this website.)

** Individuals age 55 or over can contribute an additional $1,000 to their HSAs.

*** The out-of-pocket expense does not include premiums.

Implications for Plan Sponsors

Before next year, plan sponsors that offer HDHPs with HSAs will need to revise their plan design and documents to reflect the 2015 amounts.

Plan sponsors interested in exploring an HSA should contact their Sibson  consultant to determine whether that course of action is right for them.

●  ●  ●

As with all issues involving the interpretation or application of laws, health plan sponsors should rely on their legal counsel for authoritative advice on HDHPs and HSAs. Sibson Consulting can be retained to work with plan sponsors and their attorneys on compliance issues related to HDHPs and/or HSAs.

 

* Revenue Procedure 2014-30, which will be published in Internal Revenue Bulletin 2014-20 on May 12, 2014, is available on the IRS website. (Return to the Capital Checkup.)