HSA Limits for 2015

The IRS has announced the new Health Savings Account limits for 2015.

The minimum deductible will be $1,300 for single coverage and $2,600 for family coverage and the maximum out-of-pocket will be $6,450 for single coverage and $12,900 for family coverage.

The contribution amounts are also increasing. The contribution limit for someone with single coverage will be $3,350 and the contribution limit for someone with family coverage will be $6,650. For account holders age 55 and older the catch-up contribution remains $1,000 per year.

HSA-compatible plans continue to grow under the health reform legislation because, in many markets, they represent many of the “bronze level” options that are popular among individuals and employers.

Additionally, the price separation between HSA-compatible plans and traditional PPO plans with up-front copayments is increasing because of three changes created by the health reform legislation:

1) All non-grandfathered plans are limited to the same out-of-pocket maximum as HSA-compatible High Deductible Health Plans.

2) On all non-grandfathered plans, all in-network services, including copays, deductibles, and coinsurance, count toward the plan’s out-of-pocket maximum.

3) The family out-of-pocket maximum on all non-grandfathered plans is now two times the individual out-of-pocket limit.

HSA plans already complied with these requirements, but these are all enhancements to most traditional copay plans, which of course drives up the premium.

For information on other health reform changes, be sure to check out the HPA blog, and to learn how to take advantage of the opportunity created by health reform, click here.

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