Wipfli Alerts & Updates: Health Savings Account Cost-of-Living Adjustments for 2015

April 25, 2014
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The Internal Revenue Service has announced the annual cost-of-living adjustments for health savings account (HSA) contribution limits for calendar year 2014. These limits apply for qualifying high-deductible health plan (HDHP) deductibles and out-of-pocket maximums. Plan sponsors should verify that their administrative and payroll systems reflect the appropriate limits. 
  2014 2015
Limit on HSA Contributions* - single coverage $3,300 $3,350
Limit on HSA Contributions* - family coverage $6,550 $6,650
HDHP Required Minimum Deductible – single coverage
$1,250 $1,300
HDHP Required Minimum Deductible – family coverage  $2,500 $2,600
HDHP Out-of-Pocket Maximum – single coverage  $6,350 $6,450
HDHP Out-of-Pocket Maximum – family coverage $12,700 $12,900

Individuals who participate in an HDHP are permitted a deduction for contributions to HSAs set up to help pay the medical expenses of the participant, spouse, and/or dependents. To be eligible to contribute to an HSA, individuals must participate in a HDHP, which is defined as a health plan with an annual deductible that is not less than the minimum deductibles noted above and for which the annual out-of-pocket expenses, including deductibles, copayments, and other amounts, but excluding premiums, does not exceed the out-of-pocket maximum annually. In addition, individuals may not receive benefits from other health plans that would be construed as impermissible coverage such as a general-purpose health flexible spending account, certain prescription drug benefits, etc. The limits noted above are subject to an inflation adjustment each year. 

*In addition, the figures above do not include the catch-up contribution limit, which is $1,000 for participants age 55 or older. Catch-up contributions can be made any time during the year in which the HSA participant turns 55.

If you have any questions, or for more information about the 2015 cost-of-living adjustments, please contact Pam Branshaw, Tom KriegBob Buss, or your Wipfli relationship executive.

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