Brendan Sullivan’s Post

The IRS has released the 2025 cost-of-living adjusted limits for health savings accounts (HSAs), high-deductible health plans (HDHPs), and excepted benefit health reimbursement arrangements (EBHRAs). Here are the details: IRS Announces 2025 HSA and EBHRA Contribution Limits, HDHP Minimum Deductibles, and HDHP Out-of-Pocket Maximums https://tmsnrt.rs/3K6Lkvm

💡 What You Need to Know About High Deductible Health Plans (HDHPs) – Part 2 💡 Continuing from Part 1, here’s more on HDHPs: ➡️ Higher Out-of-Pocket Before Coverage: You’ll pay more upfront before the plan kicks in due to the high deductible. ➡️ Pair with a Health Savings Account (HSA): Many HDHPs can be paired with an HSA, a powerful tool to save on healthcare costs. ➡️ Tax-Free Savings: Funds in HSAs are typically tax-free, making it easier to save for medical expenses! HDHPs can be a great choice with the right planning. Interested in exploring if an HDHP with an HSA is right for you? Let’s chat! 📲💼

The updated figures for Health Savings Accounts (#HSAs) and Excluded Health Reimbursement Arrangements (EB-HRAs) are now available. Take a look! #HSAs

BREAKING NEWS: IRS Announces 2025 HDHP Limits The Internal Revenue Service (IRS) today (Friday, May 10, 2024) announced the 2025 calendar year limits for high-deductible health plans (HDHP). The new limits include cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs), high-deductible health plans (HDHPs) and excepted benefit health reimbursement arrangements (HRAs). The only exception is for the HSA catch-up contributions for those aged 55 or older, which will not change. Here are the 2025 limits: HDHP – Maximum annual out-of-pocket limit (excluding premiums) Self-only coverage 2024 - $8,050 2025 - $8,300 Family coverage 2024 - $16,100  2025 - $16,600 HDHP – Minimum annual deductible Self-only coverage 2024 - $1,600 2025 - $1,650 Family coverage 2024 - $3,200 2025 - $3,300HSA HDHP – Annual contribution limit Self-only coverage 2024 - $4,150 2025 - $4,300 Family coverage 2024 - $8,300 2025 - $8,550 HSA Catch-up contributions (55+) Remains at $1,000

Inflation-adjusted Health Savings Account (HSA) Figures for 2025 Have Been Released: HSAs allow eligible individuals to make deductible contributions that can be withdrawn tax-free for reimbursement of eligible medical expenses. For 2025, the limitation on HSA deductions is $4,300 (up from $4,150 for 2024) for an individual with self-only coverage under a High Deductible Health Plan (HDHP) or $8,550 (up from $8,300 for 2024) for family coverage.

Inflation is up- and so are HSA contribution limits! 💸 Heath Savings Accounts (HSA) and High Deductible Health Plans (HDHP) have new contribution limits, deductibles, and out of pocket expense limits starting January 1, 2025. Additionally, for plan years ending after December 31, 2024, an HDHP is no longer permitted to provide benefits for COVID-19 testing and treatment without a deductible AND For plan years beginning on or after Jan 1, 2025, an HDHP is no longer permitted to provide benefits for telehealth or other remote care services before plan deductibles have been met.

Compliance Bulletin - HSA/HDHP Limits Will Increase for 2025 On May 9, 2024, the IRS released Revenue Procedure 2024-25 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2025. The IRS is required to publish these limits by June 1 of each year. Employers sponsoring HDHPs should review their plan’s cost-sharing limits (i.e., the minimum deductible amount and maximum out-of-pocket expense limit) when preparing for the plan year beginning in 2025. For more Info, Click the Link below! https://lnkd.in/eG2yieZ3

Healthcare costs continue to rise and impact the overall economy. There are solutions, but there is too much money to be made with “sick care.” When more start demanding real, quality food direct from nature, and stop relying on preserved, toxic/modified “foods” then maybe we can see a shift happen. “That growth in healthcare costs has consequences for the nation’s fiscal outlook. Primarily due to the aging of the population, enrollment in, and therefore the costs of, government health insurance programs such as Medicare and Medicaid will rise. Federal spending on healthcare is expected to climb from $2.2 trillion in 2023, or 49 percent of healthcare spending, to $3.8 trillion, or 51 percent of healthcare spending, in 2032.” #healthcare #healthcarespending #sickcare #economy #costofcare

New HSA and HDHP limits for 2025 are here! Stay updated on the latest changes to plan your healthcare expenses effectively. #HSA #HDHP #IRSUpdates #HealthcarePlanning

Do you want to make a difference in high healthcare costs? Change always starts from within. I don’t think lowering the country’s medical spending is a primary motivating factor for a person to get healthy, but when an individual does work hard for good health, they usually begin to wonder why such a heavy amount of their income is being paid toward health expenditures. 1.45% of every paycheck is going to Medicare. Close to 25% of our income taxes go to healthcare spending. That’s all before our employee benefit health premiums come out. Let me break it down like this: **averages** Someone makes $100,000 in a year. $1,450 goes to Medicare. Rough estimate is $4,350 of their income tax is going to healthcare. The average employer sponsored health insurance premium is $8,435 for individuals, and $23,968 for families per year. Whether you feel like you’re paying all of that or not, you are. That’s $14,235/year as an individual. That’s $29,768/year for family coverage. This is assuming you don’t have any health expenses that aren’t covered by the insurance plan. I consider myself fortunate, I haven’t spent $30,000 in my entire life on health expenses. This system needs some change!