IRS Raises Limits for HSAs and HDHPs for 2013

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In IRS Revenue Procedure 2012-26, the IRS has announced the new inflation-adjusted increases for Health Savings Account (HSA) contributions and high-deductible health plan (HDHP) deductibles.
 
To qualify for an HSA, you must have a high deductible health insurance plan and no other health insurance. Linda Wallace, CPA, CEBS, senior manager at Carmel, IN-based CPA firm Blue & Co., points out that, "Once you go on Medicare, you can't continue to fund your HSA," however, the HSA can be regarded as a long-term tax-free investment to be used to cover future medical expenses.
 
The contributions to an HSA are tax deductible, as an above-the-line deduction, in the year in which they are made. Withdrawals are tax free as long as they are used for qualified medical expenses.
 
These amounts apply to the 2013 calendar year.
 
  • The maximum annual contribution to a self-only HSA for HDHP coverage increases from $3,100 to $3,250 for 2013.
  • The maximum annual contribution to a family HSA for HDHP coverage increases from $6,250 to $6.450 for 2013.
  • The age 55 and over annual catch up contribution remains at a $1,000 for 2013.
  • The minimum self-only HDHP deductible increases from $1,200 to $1,250 for 2013.
  • The minimum family HDHP deductible increase from $2,400 to $2,500 for 2013.
  • The maximum self-only HDHP out-of-pocket expense amount (which includes deductibles and co-payments as well as other expenses) increases from $6,050 to $6,250 for 2013.
  • The maximum family HDHP out-of-pocket expense amount (which includes deductibles and co-payments as well as other expenses) increases from $12,100 to $12,500 for 2013.
 
 

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As usual; unnecessary number of provisions/if this/if that. The IRS code demands accountability to the people who are forced to pay into this serfdom/life/time taking "game" these faceless people create for us out here working to support fat/rich and fat/poor welfare babies. There will when people will say/no more serfdom unless the rules of the"game"are the same for all of us out here - and that the rules are written so they are not languages mazes for those "elite" ivory tower creatures write for us.

What the HELLLLL are you talking about????

HSAs are just too difficult to manage with the banks, who are adding more red tape to gain access to your monies and report medical expenses, Unless it's pretax offered through your employer, it's not that great. The banks also take monthly fees. Not that great of a money saver, in light of the fact you have to keep a high deductible health plan.