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May 8, 2012
2013 Minimums and Maximums for Health Savings Accounts and High-Deductible Health Plans
On April 27, 2012, the Internal Revenue Service (IRS) released Revenue Procedure 2012-26,* which announced various inflation-adjusted amounts for 2013 for Health Savings Accounts (HSAs) and High-Deductible Health Plans (HDHPs). The IRS calculates the annual adjustments using the 12-month period ending March 31.
The 2013 numbers are shown in the chart below.
| 2013 Minimums and Maximums for HSAs* and HDHPs |
||
|---|---|---|
Individual Coverage |
Family Coverage |
|
| Maximum Annual HSA Contribution** |
$3,250 (up $150 from $3,100 for 2012) |
$6,450 (up $200 from $6,250 for 2012) |
| Minimum HDHP Deductible |
$1,250 (up $50 from $1,200 for 2012) |
$2,500 (up $100 from $2,400 for 2012) |
| Maximum HDHP Out-of-Pocket Expense*** |
$6,250 |
$12,500 |
- *
- HSAs, established by the Medicare Modernization Act (MMA) as of January 1, 2004,
allow individuals or employers to contribute to an HSA as long as the individual is
covered under an HDHP. (For more information about HSAs, refer to various
publications available on The Segal Company’s website.) - **
- Individuals age 55 or over can contribute an additional $1,000 to their HSAs.
- ***
- The out-of-pocket expense does not include premiums.
Implications for Plan Sponsors
Before next year, plan sponsors that offer HDHPs with HSAs will need to revise their plan design and documents to reflect the 2013 amounts.
Plan sponsors interested in exploring an HSA should contact their Segal consultant to determine what course of action is right for them.
● ● ●
As with all issues involving the interpretation or application of laws, health plan sponsors should rely on their legal counsel for authoritative advice on HDHPs and HSAs. The Segal Company can be retained to work with plan sponsors and their attorneys on compliance issues related to HDHPs and/or HSAs.
- *
- Revenue Procedure 2012-26, which will be published in Internal Revenue Bulletin 2012-20 on May 14, 2012, is available on the IRS website. (Return to the Capital Checkup.)
Capital Checkup is The Segal Company's periodic electronic newsletter summarizing activity in Washington with respect to health care and related subjects. Capital Checkup is for informational purposes only and should not be construed as legal advice. It is not intended to provide guidance on current laws or pending legislation. On all issues involving the interpretation or application of laws and regulations, plan sponsors should rely on their attorneys for legal advice.
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