The IRS has recently released the information for the 2015 HSA health plans. A Health Savings Account is a tax-sheltered savings account that belongs to you and is linked with your high deductible health plan. You can make contributions for the tax year 2015 until April 15th, 2016.
When comparing this years contribution limits to last years here are the major changes:
- The deductible increased from $1,250 to $1,300 on individual policies and increased from $2,500 to $2,600 on family policies.
- The maximum out of pocket amount increased from $6,350 to $6,450 for individual policies and from $12,700 to $12,900 for family policies.
- The amount you can contribute into your HSA has increased from $3,300 to $3,350 on individual policies and from $6,550 to $6,650 on family policies
- The catch up amount of $1,000 for those who are age 55+ did not change
If you do use your HSA to pay for unqualified medical expenses there is a tax penalty of 20% of the distribution amount.
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