IRS Announces Inflation-Adjusted Amounts for Health Savings Accounts

On April 23, 2014, the IRS, in Rev. Proc. 2014-30, announced the inflation-adjusted amounts for 2015 for health savings accounts under § 223 of the Internal Revenue Code.  Under the Revenue Procedure, the annual limitation on deductions under § 223(b)(2)(A) for an individual with self-only coverage under a high deductible health plan will be $3,350.  For an individual with family coverage, the limitation will be $6,650.  Pursuant to § 223(c)(2)(A) "high deductible health plan" is a health plan with an annual deductible of at least $1,300, but no more the $6,450 for self-only coverage and at least $2,600, but not more than $12,900 for family coverage. Want to further discuss these issues?  Contact me at 954-944-3929 or nrumbak@rumbaklaw.com.*This document contains legal information, but does not contain legal advice.