Posts tagged #IRA

Cadillac Tax Delay Advocacy A Success

Employers can find relief in a two-year delay to the start of the unpopular excise tax on group health premiums known as the “Cadillac Tax”. BPC’s largest policy concerns in 2015 were related to the looming impact of the tax. BPC’s CEO, Habeeb Habeeb, along with other industry leaders, spent time in Washington D.C. meeting with members of Congress on both sides of the aisle, explaining the need for repeal or reform of this potentially harmful tax.  The 40% excise tax on the value of health coverage exceeding certain thresholds was set to go into effect in 2018.  Estimates ranged widely across different studies and surveys, but overwhelmingly found that the tax would impact a broad range of employers in the U.S.

Posted on January 7, 2016 .

IRS Announces 2016 Limits for Health Savings Accounts (HSAs)

HSA Limits 2016

The IRS has released the 2016 inflation-adjusted amounts for health savings accounts (HSAs): for calendar year 2016, the annual limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,350 and for an individual with family coverage is $6,750, with a “high deductible health plan” annual deductible that is not less than $1,300 for self-only coverage or $2,600 for family coverage, and the annual out-of-pocket expenses do not exceed $6,550 for self-only coverage or $13,100 for family coverage.

Read the full text of IRS Revenue Procedure 2015-30.

Posted on May 5, 2015 .

IRS Releases New 2014 HSA and HDHP limits

The IRS has released the 2014 cost-of-living adjustments affecting HSAs and HDHPs. Only the HSA contribution limits and the HDHP out-of-pocket maximums will increase for 2014. The HDHP minimum required deductibles will be unchanged. Here are the details:

  • HSA Contribution Limits. The 2014 annual HSA contribution limit for individuals with self-only HDHP coverage is $3,300 (a $50 increase from 2013), and the limit for individuals with family HDHP coverage is $6,550 (a $100 increase from 2013). 
  • HDHP Minimum Required Deductibles. The 2014 minimum annual deductible for self-only HDHP coverage is $1,250 and the minimum annual deductible for family HDHP coverage is $2,500. Both are unchanged from 2013. 
  • HDHP Out-of-Pocket Maximums. The 2014 maximum limit on out-of-pocket expenses (including items such as deductibles, co-payments, and co-insurance, but not premiums) for self-only HDHP coverage is $6,350 (a $100 increase from 2013), and the limit for family HDHP coverage is $12,700 (a $200 increase from 2013).
Posted on May 6, 2013 .