Q:

What are HSA contribution limits?

A:

Quick Answer

For 2015, health savings account contribution limits are $3,350 for those with individual high-deductible health plans and $6,650 for family HDHP coverage, states the Internal Revenue Service. For eligible individuals who are 55 or older when the tax year ends, the limit increases by $1,000.

Continue Reading

Full Answer

An individual who turns age 55 by Dec. 1, 2015, with self-only coverage can contribute up to $4,350 in 2015. However, beginning the first month an individual enrolls in Medicare, the contribution limit is zero, notes the IRS. For example, if an individual with self-only HDHP coverage who is eligible for an additional contribution of $1,000 turns age 65 in July 2015 and enrolls in Medicare, the individual's 2015 contribution limit is $2,175, or $4,350 times 6, divided by 12.

Learn more about Financial Calculations
Sources:

Related Questions

Explore