2013 HSA Contribution Limits
The IRS has recently announced the new contribution limits for HSA’s (Health Savings Accounts).
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.
Posted in Health Insurance
Tagged Affordable Care, Care Act, Deductibles, Drugs, Family Coverage, Hdhp, Health Savings Accounts, Hsa Contribution Limits, Irs, Patient Protection, Pocket Expenses, Policyholder, Premiums, Qualified Medical Expenses, Tax Penalty
Qualified Medical Expenses:
Starting January 1, 2011 you will no longer be able to pay for over-the-counter medications from your HSA as a qualified medical expense. Until the end of this year, you can reimburse yourself or pay from your HSA the money used to buy over-the counter medications. The new law removes over-the-counter drugs not prescribed by a physician from being paid from an HSA, FSA, or HRA on a tax-free basis.
Posted in California Insurance, Financial, Health Insurance, Idaho Insurance, Oregon Insurance, Washington Insurance
Tagged Drugs, Free Basis, Fsa, Hra, Hsa, January 1, Medical Expense, Medications, Money, Qualified Medical Expenses