2015 offers individuals and families additional opportunities to save for current and future health care with a Health Savings Account (HSA). HSA holders can choose to save up to $3,350 for an individual and $6,650 for a family (HSA holders 55 and older get to save an extra $1,000 which means $4,350 for an individual and $7,650 for a family) and these contributions are 100% tax deductible from gross income.
Minimum annual deductibles are $1,300 for self-only coverage or $2,600 for family coverage. Annual out-of-pocket expenses (deductibles, copayments, and other amounts, but not premiums) cannot exceed $6,450 for self-only coverage and $12,900 for family coverage.
The Fund Deadline is April 15 with no extension. HDHP must be in place at some point in the contribution year – Medical expenses prior to Dec. 31 of current year – You cannot use HSA funds to pay for expenses incurred prior to opening the account.
Be sure to consult your tax professional to be sure that you have maximized your opportunity for a deduction.