Tax and Money Tip of the Week
IRS Annouces 2013 Inflation Adjusted Amounts for Health Savings Accounts
July 25th, 2012 | No. 102
The IRS has announced the new inflation adjusted amounts for Health Savings Accounts (HSAs). For calendar year 2013, the annual contribution limit for an individual with self-only coverage will be $3,250, up from $3,100 in 2012. The annual contribution limit for an individual with family coverage under a high deductible plan will be $6,450, which is an increase of $200 over the 2012 limit.
The annual deductible for self-only coverage for a high deductible health plan in 2013 can’t be less than $1,250 ($1,200 in 2012) and $2,500 for family coverage ($2,400 in 2012).
In 2013, the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) for self-only coverage can’t exceed $6,250 ($6,050 in 2012), or $12,500 for family coverage ($12,100 in 2012).
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Mark Vitek, CPA/PFS, CFP®
…until next week.