Sentinel Group's offices will be closed in observance of the Christmas holiday beginning on Wednesday, December 24th through Friday, December 26th. Please note that the stock market will be open until 1:00 PM ET on December 24th and normal hours on December 26th. Any transfers and exchanges will be processed as usual on those days. We appreciate your understanding and wish you happy holidays!
The IRS has released Revenue Procedure 2024-25, which provides information on the limits for Health Savings Accounts (HSAs) for the 2025 calendar year. The annual contribution limit on deductions for individuals with self-only coverage under a high deductible health plan will be $4,300 (up $150 from 2024). The contribution limit for an individual with family coverage will be $8,550 (up $250 from 2024). Please note that the catch-up contribution limit, available to individuals who are 55 and older, remains at $1,000 per year.
Minimum Deductible for HDHP:
In order for a health insurance plan to be considered a “High Deductible Health Plan” for 2025, the deductible must be at least $1,650 (up $50) for self-only coverage and $3,300 (up $100) for family coverage.
Maximum Out-of-Pocket:
For 2025, out-of-pocket expenses may not exceed $8,300 (up $250) for self-only coverage and $16,600 (up $500) for family coverage.
These changes will go into effect for calendar year 2025. Please note that these limits are subject to change.
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