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.