New HSA Contribution Limits

The Internal Revenue Service has set contribution limits for Health Savings Accounts (HSAs) for calendar year 2013.

For calendar year 2013, the annual contribution limit for an individual with self-only coverage under a high deductible plan will increase $150 to $3,250; the annual limit for an individual with family coverage will increase $200 to $6,450.

For calendar year 2013, a “high deductible heath plan” means a plan with:

• An annual deductible that is not less than $1,250 for self-only coverage or $2,500 for family coverage (up from $1,200 and $2,400 in 2012); and
• Annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) that do not exceed $6,250 for self-only coverage or $12500 for family coverage (up from $6,050 and $12,100 in 2012).

Read the IRS announcement