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HSA Inflation Adjustments Issued for 2013 - Emil Estafanous, CPA : Emil Estafanous, CPA

HSA Inflation Adjustments Issued for 2013

On Apr 27, a IRS released a inflation-adjusted total for a annual grant reduction for health assets accounts (HSAs) and a smallest deductible amounts and extent out-of-pocket responsibility amounts for high-deductible health skeleton for calendar year 2013 (Rev. Proc. 2012-26).

Under Sec. 223, people who attend in a health devise with a high deductible volume are available a reduction for contributions to HSAs set adult to assistance compensate a individuals’ medical expenses. The extent on a grant reduction is theme to an acceleration composition any year: For 2013, a annual reduction on deductible contributions is $3,250 for people with self-only coverage and $6,450 for family coverage.

To be authorised to minister to an HSA, people contingency attend in a “high deductible health plan,” that is tangible as a health devise with an annual deductible that is not reduction than a certain extent any year and for that a annual out-of-pocket expenses, including deductibles, co-payments, and other amounts, though incompatible premiums, does not surpass a certain extent any year (Sec. 223(c)). As with a grant reduction limitation, these boundary are theme to annual acceleration adjustments. For 2013, a reduce extent on a annual deductible underneath a high-deductible devise is $1,250 for self-only coverage and $2,500 for family coverage. The top extent for these out-of-pocket losses is $6,250 for self-only coverage and $12,500 for family coverage.

About Emil Estafanous, CPA
Certified Public Accountant (CPA) Tax Professional committed in representing taxpayers and resolving their tax problems.

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