New Health Savings Account (HSA) Deduction Limits Released for 2015

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The IRS recently released the 2015 annual deduction limits for a health savings account. These limits are typically adjusted each year for inflation.

The 2015 limits are $3,350 for an individual with self-only coverage and $6,650 for an individual with family coverage. Such deductible contributions can only be made to an HSA that is maintained in conjunction with a high-deductible health plan.

A high-deductible plan is defined as a plan with an annual deductible of $1,300 or more for self-only coverage or $2,600 or more for family coverage. The corresponding maximum out-of-pocket expenses are $6,450 and $12,900, respectively.

Health savings accounts continue to …read more

Read more here: Construction

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