ObamaCare 2013: HSA/FSA Update

As we round the corner and head into 2014, the IRS has issued new minimum deductible guidelines for those of us still clinging bitterly to our (soon to be gone) HSAs. For 2013, the minimum deductible for tax-qualified HDHP plans will be $1,250 per person, or $2,500 per family (or: $2,500 for "embedded deductible" plans).

Please consult your insurance professional if you don't know what an embedded deductible is.

Oh, and for folks participating in healthcare Flexible Spending Accounts (FSAs), your maximum allowable contribution for next year will be $2500. This new requirement applies to all FSA plans whose taxable years begin after Dec. 31 of this year.

It won't apply, though, to FSAs with plan years that begin before 2013. For example, if your company has a July 1 plan year, then the new cap doesn't apply until next July 1rst.

Confusing enough for you?

If so, then you need to get with your FSA/HSA/HRA guru post-haste. I know I'll be speaking with mine.

[Hat Tip: UHC]


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