Not really blogging today. Just passing on information many of you have been waiting for. The IRS has published the 2013 HSA limits. Understanding these limits and how they work is very important before purchasing a Qualified High Deductible Medical Plan. Please contact our office for a complete analysis of your options both within and outside of the Qualified Plan spectrum.
HSA contribution limits:
- Individuals (self-only coverage) – $3,250 (up $150 from 2012)
- Family coverage – $6,450 (up $200 from 2012)
HDHP minimum required deductibles:
- $1,250 for self-only coverage
- $2,500 for family coverage
(Out-of-pocket expenses include deductibles, co-payments, and other amounts, but not premiums)
- $6,250 for self-only coverage
- $12,500 for family coverage
Under guidelines implemented in the Patient Protection and Affordable Care Act, over-the-counter drugs may only be reimbursed if they have a prescription. If a policyholder uses an HSA to pay for items or services that aren’t qualified medical expenses, the tax penalty is 20 percent of the HSA distribution.