The Internal Revenue Service (IRS) recently issued its new limits for 2015 on employee contributions to FSA’s and HSA’s. IRS issued Revenue Procedure 2014-30 provides the 2015 inflation adjusted contribution, deductible, and out-of-pocket spending limits for Health Savings Accounts (HSA) as follows:
For self-only coverage:
- The annual contribution limits may not exceed $3,350
- The annual deductible must be at least $1,300
- The annual out-of-pocket limits may not exceed $6,450
For family coverage:
- The annual contribution limits may not exceed $6,650
- The annual deductible must be at least $2,600
- The annual out-of-pocket limits may not exceed $12,900
The annual dollar limit on employee contributions to employer-sponsored health care Flexible Spending Accounts (FSAs) rises to $2,550 in 2015, up from $2,500 in 2014. As of 2014 the IRS began allowing employers to choose between a 90 day grace period on FSA spending or a $500.00 rollover.
Other contribution limits remained the same. The annual limit for dependent care FSAs or dependent care assistance plans (DCAPs) will remain at $5,000 for qualifying individuals and those who are married and file a joint return, and will remain at $2,500 for those who are married and file separate returns.
The monthly limit for qualified transportation benefits is unchanged for 2015 ($130/month for transit passes and $250/month for qualified parking), assuming no yearend action by Congress.