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HSA Plan Rules and Regulations for 2013

May 03, 2012  |   Posted by :   |   Health Insurance   |   75 Comments»

by Michael Grace

The new IRS rules, regulations, and requirements regarding Health Savings Account for 2013 have been released.

The HSA contribution limits have INCREASED which is good news, however the out-of-pocket maximums and minimum deductible for a healthcare plan to be classified as an “HDHP Plan” have been INCREASED as well. Afterall, HDHP stands for High Deductible Health Insurance Plan.

Here are the new rules.

2013 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 maximum (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

If you use an HSA to pay for unqualified medical expenses, the tax penalty is 20 percent of the HSA distribution.

If you are not sure how your HSA plan will work in 2013, or if you are not sure if this is the right covereage for you, give us a call and we will be happy to help.  Phone – 407-340-1010.