Individuals may deduct $3,300 from self-only HDHPs from their taxes, up from 2013’s limit of $3,250. Family-coverage HDHPs qualify for a $6,550 tax-deduction cap, $100 higher than the $6,450 limit for 2013.
The IRS considers qualifying HDHPs as those with annual deductibles of $1,250 or more for self-coverage or $2,500 for families, and total annual deductibles, copays and other out-of-pocket expenses excluding premiums as less than $6,350 for self-only coverage or $12,700 for families.
More Articles on High-Deductible Health Plans:
Price Transparency: Why It’s an Issue & Where Hospitals Fit in
Establishing a Firm Financial Footing: Q&A With Swedish Health Services CFO Dan Harris
9 Burning Trends in Healthcare Finance, Outsourcing and Transactions
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
