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For 2014, Higher Limits for HSA Contributions, Out-of-Pocket Expenses

2 Comments

Minimum deductible amounts for high-deductible plans unchanged

The Internal Revenue Service announced higher limits for 2014 on contributions to health savings accounts (HSAs) and for out-of-pocket spending under high-deductible health plans (HDHPs) linked to them.

In Revenue Procedure 2013-25, issued May 2, 2013, the IRS provided the inflation-adjusted HSA contribution and HDHP minimum deductible and out-of-pocket limits, effective for calendar year 2014. The higher rates reflect a cost-of-living adjustment and rounding rules under Internal Revenue Code Section 223.

By Stephen Miller, CEBS

A comparison of the 2014 and 2013 limits is shown below:

 

Contribution and Out-of-Pocket Limits for Health Savings Accounts and for High-Deductible Health Plans

 

For 2014

For 2013

 


HSA contribution limit (employer + employee)


Individual:
$3,300

Family:
$6,550


Individual:
$3,250

Family:
$6,450


Individual:
+$50

Family:
+100


HSA catch-up contributions (age 55 or older)
*


$1,000


$1,000


No change
**


HDHP minimum deductibles


Individual:
$1,250

Family:
$2,500


Individual:
$1,250

Family:
$2,500


No change


HDHP maximum out-of-pocket amounts (deductibles, co-payments and other amounts, but not premiums)


Individual:
$6,350

Family:
$12,700


Individual:
$6,250

Family:
$12,500


Individual:
+$100

Family:
+$200


*
Catch-up contributions can be made any time during the year in which the HSA participant turns 55.

** Unlike other limits, the HSA catch-up contribution amount is not indexed; any increase would require statutory change.

Author: Sheri M. Green

Mrs. Green is the Founder and CEO of Ame Management Group and has over 20 years’ experience in Human Resources, Recruiting, Operational & Financial Management including 12 years in Chief of Staff and Director roles. She has extensive experience successfully managing departments of up to 35 people and implementing multi-layer projects on time and within budgets of over $30M. Sheri has Masters Certificate in Project Management and Organizational Development and is certified in Strategic Planning and Identifying Corporate Risk.

2 thoughts on “For 2014, Higher Limits for HSA Contributions, Out-of-Pocket Expenses

  1. Very thoughtful post. If you’re interested, my co-worker covered the out-of-pocket maximum delay today: http://bit.ly/1bsEsku. Feel free to give feedback.

    • Hi Helen, thanks for the feedback. Sorry for the delay in response. For some reason my account was set to hold comments for approval. Fixing the problem for the future. Thanks again and enjoy the holiday weekend!

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