On April 27, the IRS issued Revenue Procedure 2012-26, announcing the 2013 inflation-adjusted dollar limitations applicable to health savings accounts (“HSAs”) and qualifying high deductible health plans (“HDHPs”).
The maximum HSA contribution for an individual with self-only coverage under an HDHP will increase to $3,250 – up from $3,100 in 2012. The maximum HSA contribution for an individual with family HDHP coverage will be $6,450 – up from $6,250 in 2012. The “catch-up contribution” limit, for individuals who will attain age 55 by the end of the year, will remain at $1,000.
To qualify as an HDHP, a plan must specify a minimum annual deductible amount, with that amount based on whether the coverage is self-only or family. Those deductibles have also been adjusted for inflation. For self-only coverage, the annual deductible must be no less than $1,250 – up from $1,200 in 2012. For family coverage, the annual deductible must be no less than $2,500 – up from $2,400 in 2012.
Finally, to qualify as an HDHP in 2013, the total annual out-of-pocket expenses (deductibles, co-payments, and other amounts – but not premiums) may not exceed $6,250 for self-only coverage or $12,500 for family coverage.
Sponsors of HSA arrangements and/or HDHPs will want to incorporate these new dollar amounts into their 2013 open enrollment materials.