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Health Savings Account Plans: 2013 Limits

Who: 
All individuals and group members with high deductible Health Saving Accounts (HSA) eligible plans.

What:
Federal law provides for annual indexing of the parameters for HSA eligible plan deductibles, maximum account contributions, and maximum out-of-pocket limits. Below is a table reflecting the changes for 2013 and comparisons to 2012 values.

2013 Limits for HSAs

for eligible High Deductible Health Plans

 

2012

2013

Change

Maximum HSA Contribution Limits

  Individual:      $3,100

  Family:           $6,250

  Individual:      $3,250

  Family:           $6,450

  Individual:     +$150

  Family:          +$200

HSA Catch-up

Contribution

(Age 55 or Older)

 

$1,000

 

$1,000

 

No Change

HDHP Minimum

Deductible Amounts

  Individual:      $1,200

  Family:           $2,400

  Individual:      $1,250

  Family:           $2,500

  Individual:     +  $50

  Family:          +$100

HDHP Maximum

Out-of-Pocket Amount

(All cost-sharing)

 

  Individual:      $6,050

  Family:         $12,100

 

  Individual:      $6,250

  Family:         $12,500

 

  Individual:     +$200

  Family:          +$400

 

When:
All new limits are effective January 1, 2013

Executive Summary
Annually the Internal Revenue Service releases inflation-adjusted figures for contributions to health savings accounts, the minimum deductible, and maximum out-of-pocket limits for accompanying high deductible health plans (HDHPs). HSAs are savings accounts that allow contributions on a tax-favored basis to pay for certain medical expenses. In order to be eligible to participate in an HSA, an individual must be enrolled in an HDHP.

Plans that used the minimum deductible of $1,200 for an individual and $2,400 for a family in 2012 must increase the deductible in 2013 in order for the plan to remain HSA eligible. 

Actions:
Individuals and employers should check with their insurance brokers, agents, consultants, and insurers in preparation for the new 2013 limits.      

 

The information presented and contained within this article was submitted by Ronald E. Bachman, President & CEO of Healthcare Visions and a contributor for the Client Community newsletter. This information is general information only, and does not, and is not intended to constitute legal advice. You should consult your legal advisors to determine the laws and regulations impacting your business. Any opinions expressed within this document are solely the opinion of the individual author and may not reflect the opinions of Ebix or its personnel.