IRS RELEASES 2015 LIMITS ON HDHPs AND HSAs PLUS MAXIMUM OOP LIMITS

In Revenue Procedure 2014-30, the Internal Revenue Service (IRS) has announced the 2015 inflation adjusted amounts for Health Savings Accounts (HSAs), high deductible health plans (HDHPs) and maximum out-of-pocket (OOP) limits for all health plans.

The annual contribution limit for calendar year 2015 for an individual with self-only coverage under an HDHP will be $3,350. For calendar year 2015, the annual contribution limit on for an individual with family coverage under an HDHP will be $6,650.

For calendar year 2015, an HDHP is defined as a health plan with an annual deductible that is not less than $1,300for self-only coverage or $2,600for family coverage, and the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,450for self-only coverage or $12,900for family coverage. Other restrictions also apply to HDHPs that are compatible with HSAs.

These limits affect all health plans because under health care reform, the…