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IRS Announces 2013 Limits For HSAs and HDHPs

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The Nyemaster Tax Law Blog is dedicated to current tax law and employee benefit/ERISA issues impacting individuals and businesses, at both the Iowa and federal levels. We hope you find this resource informative and appreciate your feedback.

Recently, the IRS issued Revenue Procedure 2012-26, announcing 2013 inflation-adjusted dollar limitations for contributions to health savings accounts ("HSAs") and the minimum deductible and maximum out-of-pocket limits for high deductible health plans ("HDHPs"). Employers should be aware of these new limits since the 2012 limits will increase for 2013. The 2013 limits are as follows:

Maximum HSA Contribution Limit: The 2013 annual HSA contribution limit for individuals with self-only coverage is $3,250 and the limit for individuals with family coverage is $6,450. The "catch up" contribution limit for individuals who will attain age 55 by the end of 2013 will remain at $1,000.

Minimum HDHP Deductible: To qualify as an HDHP, a plan must have a minimum annual deductible for self-only coverage of $1,250, and a minimum deductible of $2,500 for family coverage.

Maximum HDHP Out-of-Pocket Expenses: For 2013, the maximum out-of-pocket expenses (for items such as deductibles, co-payments and co-insurance) for self-only coverage is $6,250 and $12,500 for family coverage.

For questions regarding HSAs, you should contact Keri Farrell-Kolb.


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