IRS bumps up health savings account contribution max for 2015

The maximum contributions that can be made to health savings accounts will increase $50 for individuals and $100 for families in 2015.

The Internal Revenue Service announced Wednesday that the maximum contribution that can be made to an HSA in 2015 will be $3,350 for employees with single coverage, up from $3,300 this year.

The maximum HSA contribution for those with family coverage will be $6,650, up from $6,550.

The maximum out-of-pocket employee expense, including deductibles, will rise next year to $6,450 for single coverage from $6,350. For family coverage, it will increase to $12,900 from $12,700.

Increases in the HSA limits, which are detailed in Revenue Procedure 2014-30, are tied to changes in the cost of living.