IRS Announces HSA Contribution & Coverage Limits for 2015

IRS has just issued Revenue Procedure 2014-30, which provides the 2015 cost-of-living contribution and coverage adjustments for HSAs, as required under Code Section 223(g).  The annual contribution limits, the annual out-of-pocket limits and the annual deductible limits have all been increased for 2015.  

 

Annual HSA Contribution Amounts

 

2014   2015         Coverage Levels

 

$3,300   $3,350   Individual 

 

$6,550   $6,650   Family

 

$1,000   $1,000   Catch-up 

 

Annual Maximum Out-Of-Pocket Limits for HDHP

  

2014   2015       Coverage Levels

 

$6,350   $6,450  Individual

 

$12,700 $12,900 Family 
 

Annual Minimum Deductible Amount Limits for HDHP

  

2014   2015        Coverage Levels

 

$1,250  $1,300 Individual

  

$2,500   $2,600  Family

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When is the next PPACA Open Enrollment?

The 2015 Open Enrollment Period begins on November 15, 2014, and will last through February 15, 2015. The earliest effective date of coverage for the initial Open Enrollment will be Janaury 1, 2015. Applications with the required premium received before the 15th of the month will be effective the first day of the following month. Applications with required premium received after the 15th of the month will be effective the first day of the month plus one additional month.  For example, if your application and required premium are received on or before December 15th, the effective date will be January 1st (the earliest effective date for the initial Open Enrollment); if your application and required premium are received on December 20th, the effective date will be February 1st.

Applications must be received during the Open Enrollment Period.

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