Contribution Limits Raised for Health Savings Accounts

The Internal Revenue Service has increased the annual limitation on deductions for Health Savings Accounts for 2015, the agency announced on Wednesday.

The increase raises the individual contribution limits that individuals can make to high deductible health plans is $3,350. The limit for family coverage in ahigh deductible plan was raised to $6,550.

High deductible health plans are defined by the IRS as a "plan with an annual deductible that is not less than $1,300 for self-only coverage or $2,600 for family coverage, and the annual out-of-pocket expense do not exceed $6,450 and $12,900 for individuals and families, respectively.

The increase is effective for calendar year 2015. The information was published in IRS Revenue Procedure 2014-30.