0512taxcodeap33-crop-600x338The IRS recently announced the new limits and thresholds for high deductible health plan (HDHP) deductibles and out-of-pocket expenses, as well as health savings account (HSA) contribution limits.

While not much has changed, the IRS did increase the allowable HSA contribution for a family to $6,750, up $100 from $6,650 last year.  The individual contribution limit remains at $3,350 after receiving its own $50 increase from 2014 going into 2015.  These limits are updated annually to reflect adjustments to the cost-of-living.

The increases are outlined in Revenue Procedure 2015-30 and go into effect in 2016.  The document also clarifies that HDHPs are defined as health plans with annual deductibles of $1,300 and above for an individual and $2,600 and above for families.  Out-of-pocket limits for these plans, which include deductibles and copays (but not plan premiums), are set at $6,550 for individuals and $13,100 for families.