Health Savings Account – HSA 2014 Rules & Requirements
The IRS recently announced the health savings account rules and requirements for 2014. The HSA contribution limits and out-of-pocket maximums have been increased.
2014 HSA Contribution Limits
For calendar year 2014, the annual HSA contribution limits are:
- Individuals (self-only coverage) – $3,300 (up $50 from 2013)
- Family coverage – $6,550 (up $100 from 2013)
HDHP minimum required deductibles
The High Deductible Health Plan (HDHP) required deductibles for an HSA did not change from 2013 to 2014:
- $1,250 for self-only coverage
- $2,500 for family coverage
The annual out-of-pocket expenses include deductibles, co-payments, and other amounts, but not premiums. The 2014 out-of-pocket maximums are:
- $6,350 for self-only coverage (up $100 from 2013)
- $12,700 for family coverage (up $200 from 2013)
If you use an HSA to pay for unqualified medical expenses, the tax penalty is 20 percent of the HSA distribution.