The IRS announced new limits for High Deductible Health Plans (HDHPs) and Health Savings Accounts (HSAs) for 2013.
|
2012
|
2013
|
Self-only
|
Family
|
Self-only
|
Family
|
Annual HSA Contribution Limit
|
$3,100
|
$6,250
|
$3,250
|
$6,450
|
HDHP: Minimum Deductible
|
$1,200
|
$2,400
|
$1,250
|
$2,500
|
HDHP: Out-of-Pocket Limit
(includes deductibles, co-payments and other amounts but not premiums)
|
$6,050
|
$12,100
|
$6,250
|
$12,500
|
Health Savings Accounts (HSAs) were created as part of the Medicare Modernization Act of 2003 and were first available in 2004. Since then, while guidance around HSAs has evolved and solidified, the following fundamental rules remain the same:
- The IRS caps the amount that may be put into an HSA in any one year;
- HSA funding eligibility must be coupled with high deductible health plan (HDHP) participation.
HDHPs must meet minimum deductible levels and maximum out-of-pocket levels each year. Participants who are over 55 can add a "catch-up" contribution to their HSA. The annual catch-up contribution for individuals age 55 or older is set by statute and will remain $1000 per person for 2013. For more information, refer to Revenue Procedure 2012-26.