New 2014 Health Savings Account Contribution Limits
The IRS has released the 2014 cost-of-living adjustments affecting HSAs. The HSA contribution limits and HDHP out-of-pocket maximums will increase slightly, while the HDHP minimum required deductibles remain unchanged. Here are the details:
· HSA Contribution Limits. The 2014 annual HSA contribution limit for individuals with self-only HDHP coverage is $3,300 (a $50 increase from 2013), and the limit for individuals with family HDHP coverage is $6,550 (a $100 increase from 2013).
· HDHP Minimum Required Deductibles. The 2014 minimum annual deductible for self-only HDHP coverage remains $1,200 and for family HDHP coverage remains $2,400.
· HDHP Out-of-Pocket Maximum. The 2014 maximum limit on out-of-pocket expenses (including items such as deductibles, co-payments, and co-insurance, but not premiums) for self-only HDHP coverage is $6,350 (a $100 increase from 2013), and the limit for family HDHP coverage is $12,700 (a $200 increase from 2013).
For the full version of this update visit IRS.gov