(PRWEB) April 25, 2014
The Internal Revenue Service (IRS) has released Revenue Procedure 2014-30 providing the 2015 annual contribution, deductible, and out-of-pocket (OOP) maximum limits for Health Savings Accounts (HSAs) and HSA qualified high deductible health plans. In addition, section 1302(c)(1) of the Affordable Care Act provides that the cost-sharing limits applied to HSA qualified plans shall also be applicable to non-grandfathered group health plans and health insurance coverage in the individual and group markets. The Departments of Health and Human Services, Labor, and the Treasury have provided guidance regarding the application of the HSA limits to individual and group health coverage.
To enable advanced planning for the coming year, the 2015 amounts for HSA qualified plans are as follows:
· Annual contributions to an HSA may not exceed $3,350 for self-only coverage and $6,650 for family coverage (individuals age 55 or older may make additional catch-up contributions of up to $1,000).
· The annual deductible for a qualified high-deductible health plan must be at least $1,300 for self-only coverage or $2,600 for family coverage.
· The annual out-of-pocket limitations (deductibles, co-payments and co-insurance) may not exceed $6,450 for self-only coverage or $12,900 for family coverage.
SelectAccount has been driving innovation in medical spending accounts for over twenty years. They provide HSA, HRA, FSA, VEBA, transportation and dependent care administration. They are one of the top 10 medical spending account administrators in the country, managing more than half a billion dollars in consumer medical account savings assets, working with over 7,000 employers and servicing accountholders in all fifty states. Visit http://www.selectaccount.com to learn more.
MII Life, Inc., dba, SelectAccount, is a Minnesota-licensed insurance company regulated by the Minnesota Department of Commerce, and apporoved by the U.S. Treasury as a non-bank HSA Trustee. An affiliated company of Blue Cross and Blue Shield of Minnesota, SelectAccount is owned by Aware Integrated, Inc.