In 2013, individuals may incur a slightly greater proportion of out-of-pocket expenses when they utilize Health Savings Accounts (HSAs) and High Deductible Health Plans (HDHPs). This is due to the latest allowable limits released by the IRS, which shows a growing disparity between the rate of increase for HSA contribution limits versus the rate increases for HDHP minimum annual deductibles and out-of-pocket maximums. The specific details are as follows:
- HSA Contribution Limits – The IRS has set the 2013 annual HSA contribution limit for an individual with single HDHP coverage is $3,250. Correspondingly, the limit for family HDHP coverage is $6,450. These 2013 HSA contribution limits represent increases of $150 and $200, respectively, from 2012 and more than double the increases from 2011 ($50 and $100 increases for single and family HDHP coverage).
- HDHP Minimum Required Annual Deductibles – The 2013 HDHP minimum deductibles are $1,250 for single coverage and $2,500 for family coverage. The new amounts reflect $50 and $100 dollar increases from one year ago. Two years ago, there was no change from 2011 to 2012.
- HDHP Out-of-Pocket Maximums – The 2013 HDHP out-of-pocket maximum for an individual with single coverage is $6,250, while the out-ofpocket amount for family coverage is $12,500. The new maximum forindividual coverage is a $200 increase over 2012 figures, while the new maximum for family coverage is a $400 increase. The increases for out-ofpocket maximums were half these amounts from 2011 to 2012 ($100 and $200 respectively).
These increased limits will of course take effect with plan start dates beginning January 1, 2013.
There is no change to the “Over 55 HSA Catch-up Contribution” for the third consecutive year. This amount is still $1,000.
Rev. Proc. 2012-26
Available at http://www.irs.gov/pub/irs-drop/rp-12-26.pdf
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